Whales are liquidating significant amounts of crypto assets despite the market rebound, with Dogecoin the latest to see a potential sell-off.
The global crypto market cap has grown 1.49% in the past 24 hours, trading at $3.31 trillion. The notable uptick culminated with a market rebound, with Bitcoin reclaiming $95,000 and Dogecoin $3.3.
Meanwhile, whale activities seem to suggest a cautious approach among market participants. Large holders have continued to dump their assets, with a recent Dogecoin whale transaction catching attention.
Dogecoin Whales Move Hefty Funds to Coinbase
Whale Alert pointed to a notable Dogecoin shift on Friday. In two parallel tweets, the on-chain tracker uncovered possible DOGE sales worth a combined $74 million.
Interestingly, on-chain analysis shows that the two transactions happened simultaneously, raising curiosity within the Dogecoin community. The two distinct wallets shifted the tokens to the same exchange.
In the first reported transaction, wallet address “D8hi4d” transferred 112.6 million DOGE to “D6Dz1p,” identified as a Coinbase Deposit wallet. The transaction, worth nearly $38 million, occurred by 11:01 (UTC) on Friday.
Concurrently, another wallet, “D7fXyK,” moved 106.4 million DOGE to the Coinbase Deposit address. Meanwhile, the two addresses had nothing after the transaction, emptying their holdings for a potential sell-off on Coinbase.
Dogecoin Trades at a Crucial Support
While Dogecoin has shown signs of life today, the meme coin still trades near crucial support, as analyst Crypto Zeinab has identified. The meme coin consolidated around the area between $0.3435 and $0.3085 for days before a January 3 breakout turned the former resistance into support.
How Dogecoin handles the demand area would determine its next price action. Analysis shows the doggy-themed token could bounce from the region to retest its January 4 high of $0.3988 or fall further to the 0.618 Fibonacci level at $0.2730.
In the meantime, DOGE trades at $0.3309, up 3% in the past 24 hours.
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Source: https://thecryptobasic.com/2025/01/10/sell-off-dogecoin-whales-shift-219m-doge-worth-74-million-to-coinbase/?utm_source=rss&utm_medium=rss&utm_campaign=sell-off-dogecoin-whales-shift-219m-doge-worth-74-million-to-coinbase