As DOGE Price Dips, Investors Acquire 350 Million Dogecoins
The price of Dogecoin (DOGE) dipped slightly, but enthusiasts of the meme token were buoyed by the news that 350 million DOGE had been transferred in less than an hour. The transfer was anonymised and marked by a crypto whale-tracking service. The movement of 34 million DOGE to a Binance wallet suggested selling was about to take place. The transfer comes at a time when many traders are moving their portfolios out of Binance and following the CFTC’s move to sue the exchange. The price of DOGE is hovering at $0.075, having been stuck between the $0.08 and $0.07 price points. Analysts suggest that the current consolidation could be the next step up for the cryptocurrency and act as a springboard for the next move. If DOGE’s price breaks and goes beyond the $0.10 and $0.11 zone, further bullish activity would result bringing confidence that the bears had been overcome. However, it is possible that the price could drop as low as $0.05. Investors and traders need to watch the market conditions considering current regulatory effects to decide on which trading direction to take while exercising caution.