Dogecoin Whale Offloads 200M DOGE To Binance Amid Market Crash, What’s Next?

A Dogecoin whale sent shockwaves across the meme coin market on Monday, dumping a staggering 200 million tokens to Binance. Primarily, as the dump occurred amid a broader market crash in light of Trump’s new tariffs, market watchers convey severe concerns over future price movements. Notably, DOGE price tanked nearly 20% in the past 24 hours as of press time, in sync with the broader crypto market crash.

Dogecoin Whale Dumps Heavily Raising Market Concerns

According to an X post by Whale Alert on February 3, a Dogecoin whale offloaded 200 million tokens worth $49.94 million to the crypto exchange giant Binance. Notably, the wallet address “DU8gPC5m” was recorded to have made the transaction.

For context, usual market sentiments remain bearish in light of such massive whale dumps, signaling a loss of large-scale investors’ confidence in the asset. Moreover, the massive dump also adds to a coin’s exchange supply, negatively impacting tokenomics. As a result, the DOGE whale dump raised severe concerns about future movements amid a broader market crash.

Crypto Market Slumps Amid Trump’s New Tariffs

CoinGape reported that the crypto market crashed as the week kicked off amid broader macroeconomic developments. Bitcoin swooped to a $91K low intraday, whilst meme coins mirrored a bearish trend. This bearish action is primarily attributed to Donald Trump announcing new import tariffs recently, sending shockwaves across global markets.

As a result, even the cryptocurrency sector took a hit, with massive liquidations occurring over the past day. The Dogecoin whale’s massive dump amid the current bearish market trend further solidifies investors’ cautiousness on the meme-themed asset.

DOGE Price Crashes

At the time of reporting, DOGE price lost 19% of its value and exchanged hands at $0.247. The meme coin’s intraday bottom and peak were $0.2117 and $0.3043, respectively.

A recent CoinGape report revealed that Dogecoin’s price slumped amid massive liquidations, declining OI, and the broader crypto market trend. The Dogecoin whale’s massive dump also aligns with this bearish dynamic.

However, it’s worth keeping in mind Elon Musk’s DOGE-related developments have managed to help the meme coin secure a prominent spot on traders’ radars. A DOGE price analysis by CoinGape revealed that in light of the D.O.G.E. department’s success in saving Americans $1 billion, positive sentiments over long-term prospects prevail. Nevertheless, traders and investors continue to monitor the token, expecting price shifts amid dynamic market trends.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: 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.