Altcoin
Dogecoin Whale Dumps 100M Coins; What’s Next For DOGE Price?
A Dogecoin whale’s recent decision to offload a whopping 100 million coins has set off severe investor concerns on Thursday. The crypto whale or large-scale investor, reflected a loss of confidence in the meme-themed asset primarily attributed to the current broader market volatility. As a result, market watchers remain cautious as even DOGE price lost 2% over the week, with other on-chain metrics spurring additional uncertainty.
Dogecoin Whale Transaction Signals Loss Of Market Interest
According to data from Whale Alert on February 20, a Dogecoin whale shifted 100 million DOGE, worth $25.42 million, to the crypto exchange giant Binance. Notably, the unknown address “A8tdnDg3oxG” was recorded as making the transaction.
For context, crypto whales are large-scale investors with considerable experience in the market. In light of this aspect, traders and investors keenly eye whales’ transactions to tap into emerging market trends and capitalize on every trading opportunity. Thereby, the abovementioned dump triggered market concerns surrounding DOGE price’s future trajectory, underscoring the loss of market confidence in the asset’s potential.
Top Analyst Adds To Concerns With This DOGE Whale Data
Simultaneously, renowned market analyst Ali Martinez revealed that Dogecoin whale activity also remained calm amid the recent volatility, indicating that whales aren’t buying the dip. Ali revealed that these whales showcased “little to no significant buying or selling activity.”
Traders caught some relief as no significant selloffs were recorded, per the analyst, other than the one reported above. However, no massive buying remains a cause of concern as the meme coin lacks bullish support to pump ahead.
What Lies Ahead For DOGE Price?
At the time of reporting, DOGE price witnessed a slight 0.3% drop in value and exchanged hands at $0.2533. The meme coin’s 24-hour low and high were $0.2504 and $0.2569, respectively. Further, the weekly chart shows a 2% drop in value, with the coin mainly consolidating. The Dogecoin whale’s massive dump amid this sluggish performance has pushed investors on their toes.
Nevertheless, with the rising bets of a DOGE ETF approval ahead, the token continues to secure a prominent spot on market watchers’ radars. CoinGape recently reported that NYSE Arca submitted a 19b-4 form to the U.S. SEC to list and trade Grayscale’s spot Dogecoin ETF. Given that the ETF is approved ahead, the market sentiment around the dog-themed meme coin could witness a paradigm shift.
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.
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