Dogecoin Dump Incoming? 414M DOGE Moved By Whales!!!
Dogecoin is continuing its downturn in this overall macro market that we find ourselves in with so much uncertainty and so much fear in this market as we continue to see geopolitical issues continue to be at the forefront of all markets.
And this is not just happening in the cryptocurrency market, but also on the traditional markets. But the question is is what comes next? Are we going to continue to see downward price action or are we finally going to find some stability and continue to move higher?
414M DOGE moved by Whales as price dips
This is not a good sign, as 414 million DOGE are on the move and now we are seeing whales start to reposition. Is this manipulation or is this just repositioning? And this is always a cause for caution, as we do see that whales are moving around some wallets that own Dogecoin and not just a little bit of Dogecoin, a lot of Dogecoin. And if they start to surface on exchanges, we could see even more downside price action.
Price of Dogecoin as it is just fluctuating between support and resistance. Overall market actually is showing a little bit of sideways action coming out at a 1.73 trillion dollar valuation, as Bitcoin is coming in at 37.836 a quarter of a percent move to the upside, but nothing to really get excited about.
As we’re obviously down roughly 14 percent in just the last seven days, coming at a 700 billion dollar valuation. And really, just seeing this throughout the top ten here, we are seeing a little bit of positive moves inside the top 10, with some coins moving at a pretty decent price, with Dogecoin up slightly at one percent.
The community of the world’s leading memecoin Dogecoin may have a reason to be worried, now that whales (large crypto holders) started moving their coins around while the price of Doge is slumping. As reported by Dogecoin large transaction tracking service DogeWhaleAlert, over the last few hours a combined amount in excess of 414 million Doge has been transferred from the wallets of major holders of the coin. The number of Dogecoin being transferred is equivalent to over $53 million as of press time.
The report follows a major BNB whale acquiring 9 million Dogecoin all by himself in a single transaction earlier this month — with that amount of tokens being equivalent to $1.41 million at the time. Also, Doge recently reached another historic milestone with about 4.8 million on-chain addresses and 485,000 wallets holding it as Binance Smart Chain tokens.