Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?
April 15 2024 - 1:00PM
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Dogecoin has been one of the best performers over the past year,
consistently holding up gains even through market dumps. However,
after the meme coin’s rally in March and then the subsequent dump
in April, it looks like investors, especially whales, are finally
getting ready to start taking profit. This is evidenced by a number
of large DOGE transactions that were flagged going into exchanges
over the last day. Dogecoin Whales Move 800 Million DOGE To
Exchanges The movement of coins to centralized exchanges can be
very bearish for the price of a cryptocurrency. This is because the
move to centralized exchanges often points to a selling spree as
investors look to take advantage of the deep liquidity that is
provided by these exchange platforms. This reason is why the
massive amounts of DOGE tokens being sent to centralized exchanges
are concerning for the community. Related Reading: Bitcoin ETF
Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000
Over the course of the last day, the on-chain whale tracking
platform Whale Alert reported a number of large DOGE transactions
that carried tokens to centralized exchanges. The largest of these
transactions happened on April 14, when a single transaction was
carrying 600 DOGE tokens to the Binance exchange. At the time of
the transaction, the total stash of tokens being transferred was
worth around $92.3 million. However, with the DOGE price increasing
since then, the value of the tokens contained in this transaction
could be closer to $95 million at the time of this writing. Hours
later, after the first transaction, two other transactions
followed, also carrying notable amounts of DOGE tokens. The second
transaction, which carried 100 million DOGE tokens worth
$15.28 million, headed for the Robinhood exchange. The third
transaction of the trio was also headed to the Robinhood exchange,
carrying 99.25 million tokens worth $16.15 million. In total,
approximately 800 million DOGE tokens to centralized exchanges,
signaling a potential sell-off on the horizon. Can DOGE Surge From
Here? Despite the bearish pressure that seems to categorize
Dogecoin lately, the longer-term outlook for the meme coin has
remained bullish, especially among crypto analysts. Crypto analyst
Trader Tardigrade has continued to maintain a bullish stance on the
meme coin, which he believes could pull a significant rally soon.
Related Reading: Ethereum Whales Go On Buying Spree As Market Crash
Leaves Retail Panicking Tardigrade’s latest analysis of Dogecoin
saw a bullish formation on the chart, which could lead to a 100%
rally. The move, which the analyst expects to happen sometime in
April following the Bitcoin Halving, is expected to see the DOGE
price rise as high as $0.4 in the short term. However, first, the
meme coin’s price would have to break above $0.205, which has
developed into significant resistance for the altcoin. But, as the
crypto analyst explains, a break above this level would confirm the
bullish breakout. For now, Dogecoin is still struggling to break
through this $0.205 resistance and has since been rejected from
this level. It is currently sitting at $0.165, with a 5.51%
increase on the last day and a 20% decrease on the last week,
according to data from Coinmarketcap. DOGE price jumps above $016 |
Source: DOGEUSDT on Tradingview.com Featured image from Kiplinger,
chart from Tradingview.com
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