Whales of Dogecoin recently moved an incredible 276 million coins. Surprisingly, DOGE’s price dropped, stoking conjecture.
As an interesting side note, after Dogecoin recently had a significant upswing, three notable whale transactions that revealed the repurchasing of an astounding 276.06 million DOGE appeared in the wider cryptocurrency market. These transactions quickly received a lot of traction among worldwide cryptocurrency enthusiasts, as DOGE’s recent run above $0.1 portrayed a positive picture for the joke coin.
As of press time, DOGE was trading lower than expected, which sparked rumors about the whale activity’s possible effect on the meme coin’s value. Coinglass’s derivatives data, which mirrored DOGE’s decline, further refined conjectures regarding a market downtrend.
DOGE Whale Deals: A More Detailed Examination
Data from the blockchain tracker Whale Alert shows that three large whale transactions helped move 276.06 million DOGE between them, showing both accumulations and a dump at the same time. This revealed conflicting opinions among whales circling the meme coin, adding to the speculation of traders and investors in the cryptocurrency market.
While one unidentified wallet transferred 53.99 million DOGE to Coinbase, a well-known cryptocurrency exchange, two unidentified wallets amassed 222.07 million DOGE from Robinhood.
According to Trading View data, the accumulations decreased in tandem with technical indicators that suggested a buy signal in the market. In contrast, the dump stoked rumors about DOGE’s negative run today.
Dips for Dogecoin
Dogecon’s price was in the red as of this writing, showing a decrease of 6.79% over the previous day. With a 24.10% decrease in 24-hour trading volume, the price is currently at $0.1209.
This decline is also consistent with derivatives data that suggests the meme currency is on the decline in the market. The token’s open interest declined by 9.25% according to Coinglass statistics, while the volume dropped by 13.85%, suggesting a decline in market activity.
The meme token’s OI-weighted funding rate dropped from 0.1485 to 0.1184%, which sparked fresh rumors about traders being less willing to take on longer bets. This presents a roadblock in the way of DOGE’s $1 price target, but despite the substantial whale accumulations, the cryptocurrency market seems to be riding the “buy the dip” wave, which is contributing to the avalanche of speculative hype surrounding Dogecoin.