Dogecoin Price Tumbles As Whale Dumps 90M DOGE to Coinbase, What’s Next?

Dogecoin, the largest meme cryptocurrency by market cap, has stirred a whirlpool of speculations across the global crypto community as its price lost upside momentum following notable gains witnessed. This price plunge comes against the backdrop of a massive DOGE selloff recorded by a whale in the past 24 hours, birthing questions among investors over DOGE’s future price movements.

Notably, as revealed by on-chain data circulating in the broader crypto market, a staggering 90 million coins were sold off to a CEX, Coinbase, today. This massive offloading has added bearish concerns among investors, as it significantly amplifies the token’s selling pressure.

Whale Transfer Raises Investor Concerns

According to the data unveiled by Whale Alert, an on-chain transaction tracker, 89.99 million DOGE, worth $15.18 million, was offloaded by a whale to Coinbase in a single transaction. The transaction was noted to be done by the unknown wallet address, DRsjJ7YWiL…FwUuAkrLom.

Intriguingly, upon investigating the wallet’s holdings, it was found that the whale had 0 tokens left following the massive transfer. Moreover, the wallet only received these DOGE tokens today, and they were promptly transferred to the Coinbase exchange. This has raised eyebrows across the global crypto realm, with speculations over the potential motive of this transfer prevailing in the market.

In the interim, Dogecoin’s price traded in the red, experiencing heightened volatility.

Also Read: Crypto Market Selloff: Here’s Why BTC, ETH, SOL, XRP, Meme Coins Are Falling Suddenly

DOGE Price Falls, What’s Next?

As of this writing, Dogecoin’s price has illustrated a 2.24% dip in price in the past 24 hours and is currently trading at $0.1662. The meme coin’s 24-hour lows and highs are $0.1622 and $0.1741, respectively, underlining the immense turbulency.

Coinglass data underscored substantial DOGE liquidations in the past 24 hours, further aligning with the token’s dip. DOGE liquidations totaled $4.93 million today, aligning with the increased selling pressure brought upon by the abovementioned transfer.

Moreover, DOGE’s OI slipped 4.59% to $987.85 million, followed by a derivatives volume decrease of 16.96% to $3.15 billion. This data highlights reduced investor interest orbiting DOGE, and when coupled with the increased selling pressure, could rationalize the token’s current volatility.

Nonetheless, the RSI hovered at 56, hinting at slight upside pressure amid the token being neither overbought nor oversold. A recent analysis by CoinGape Media pointed out that should the coin maintain a break above the $0.17 price level, a $0.3 resistance target looms. However, a slip below the crucial support of $0.16 could retract to the descending support trendline at $0.14.

It’s also worth noting that DOGE has been trading in an ascending trend over the past week, gaining roughly 9%.

Also Read: Total Ethereum Staked Exceeds $121B ETH, Supply Crunch Incoming?

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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.