300 Million Dogecoin (DOGE) on Edge as Black Monday Sell-Off May Be Real

It seems that today, Monday, April 7, everything is happening everywhere at once, just as in the movie “A24” that was released not too long ago.

Despite the fact that Black Monday has been anticipated for three days, the press today is so full of massive, sudden, large-scale events, shifts, thunderous opinions, controversies, doubts, greed and fear — everything really — that the landscape is confusing.

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Add to that a massive transfer of 300,000,000 Dogecoin (DOGE) as a big chunk in the major meme coin worth $41.77 million just hit the world’s largest cryptocurrency exchange.

What do such transfers mean in the common sense of crypto market participants? Someone is about to dump all this Dogecoin volume directly into the order book, creating a 300,000,000 DOGE sell wall.

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If you try to dig deeper, you might notice that the address “DU8gPC5” is not rich in activity. However, it is rich in Dogecoin, and although it just sent 300 million DOGE directly to Binance, it still has another 4.29 billion coins worth about $606.75 million USD in its coffers.

In this light, the amount that this unknown major Dogecoin backer sent to the exchange is only 7% of its entire DOGE stash.

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Knowing this, the question arises: is it time to panic? Hardly. But the message from Whale Alert looks threatening and adds to the overall atmosphere of chaos.

It looks like the market will remain in this mood for a while, but it is still worth doing your own research and not falling for first impressions.

Source: https://u.today/300-million-dogecoin-doge-on-edge-as-black-monday-sell-off-may-be-real