Dogecoin whales have sprung into action amidst a notable downturn in DOGE’s price, slipping below the $0.18 mark. This unexpected development has drawn attention to Dogecoin, the leading meme cryptocurrency, especially as it mirrors the broader crypto market’s current trend, with Dogecoin’s price dipping amid today’s significant crypto market crash. The movement of a substantial 324 million DOGE in the past 24 hours by massive whales has sparked speculation among crypto traders and investors regarding DOGE’s future price trajectory.
Whale Alert, a blockchain tracker, reported three significant whale transactions collectively moving 324 million coins within the past day. One transaction saw 100 million DOGE, valued at $17.32 million, transferred to Robinhood, while another involved 150 million DOGE, worth $26.03 million, being accumulated by a whale from the same exchange. The third transfer disclosed 74.02 million DOGE, valued at $12.58 million, also shifted to Robinhood, stirring speculation among market enthusiasts about mixed sentiments among whales for the asset.
As Dogecoin’s price experienced a notable 13.24% decline in the past 24 hours, resting at $0.1721, on-chain metrics for the meme token aligned with its bearish turn. Coinglass data revealed significant DOGE liquidations totaling $21.38 million, with both long and short positions contributing to the selling pressure in the market. Additionally, the token’s open interest dropped by 22.43%, indicating reduced investor interest.
This uncertain picture of DOGE’s price action ahead is compounded by mixed sentiment among whales and bearish on-chain data. However, historical data suggests that DOGE could experience a significant upturn following the BTC halving event, as altcoins often mimic BTC’s price movements post-halving.
