Dogecoin Sell-Off Ahead? Whale Trnxs Suggests This

The world’s biggest meme crypto, Dogecoin (DOGE) price usually registers huge spikes when Tesla and Twitter CEO, Elon Musk makes some comments about the token. Despite the recent broad recovery in the crypto market, Dogecoin prices haven’t moved much. However, whale wallets’ transactions suggest some unfavorable moves for the DOGE.

Over 300 million Dogecoin on the move

As per Ðogecoin Whale Alert, crypto whales have been caught moving more than 300 million Dogecoin (approx worth $27 million) in multiple transactions over the past 24 hours. The single largest transaction recorded by the tracker has been of moving 123.8 million DOGE (approx worth $10.9 million) to an unknown wallet.

Data depicts several transactions between unknown addresses and wallet addresses labeled as Top 20 wallets. However, these wallets were caught dumping $1.03 million worth of 11.69 million DOGE in a single transaction.

As we dig in, WhaleAlert flashed a whale transaction moving its Dogecoin holding to Coinbase, crypto exchange in order to dump. Whale dropped 57 million DOGE (Approx worth $5.11 million) on Coinbase. This whale move outlines that either whale are looking for a price surge ahead in order to book profit or they are trying to drag the DOGE price lower to add more tokens.

On the market side, Dogecoin price have surged by 16% over the past 30 days. While Shiba Inu (SHIB) price rose by a massive 45% in the same period.

However, Dogecoin prices have registered a marginal drop over the past 24 hours. As per Coinglass data, traders have liquidated $1.60 million worth of 18.03 million DOGE in the last 24 hours. It is trading at an average price of $0.088, at the press time. Its 24 hour trading volume has dropped 38% to stand at $604 million.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.