Flow

Cryptocurrency

Dogecoin

MN Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-dogecoin-transfer-detected-to-investment-platform-and-robinhood/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Significant Dogecoin Transfer Detected to Investment Platform and Robinhood</a> 
<a href="https://en.coin-turk.com/crypto-trading-volume-hits-multi-year-low-amidst-2022-2023-crypto-winter/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cryptocurrency</a> whale tracking platform Whale Alert reports that $7.90 million worth of Dogecoin (DOGE) has been transferred from an unknown address to an investment platform and Robinhood.
<h2 id="massive-dogecoin-movement">Massive Dogecoin Movement</h2>
Experts suggest that the whale involved in the transfer might be planning to sell the cryptocurrencies. If this scenario occurs, it could lead to a further decline in the Dogecoin price. At the time of writing, DOGE is trading at $0.08, representing a 13.99% decrease over 30 days. The cryptocurrency had seen a rise due to speculation about Elon Musk’s plans to include DOGE in payment options. However, the rise to $0.09 was short-lived. Additionally, on-chain data from cryptocurrency analytics firm Santiment showed that the number of active addresses had increased to 149,170 on January 22. At the time of writing, this figure had fallen back to 123,000.
Active addresses can be an indicator of a rise or fall. This is because it can show the number of different addresses speculating around a cryptocurrency. As on January 22, if the token experiences a rise, it could mean that many market participants are interacting with the cryptocurrency. The recent decline could indicate that the crowd interaction has decreased and investors are no longer as optimistic as they were a few days ago. While active addresses decreased, Dogecoin’s social dominance rapidly increased.
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-307362 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/sanntiment.png" alt="" width="2048" height="693">
<h2 id="historical-data-on-doge">Historical Data on DOGE</h2>
However, the sudden increase in social dominance may not be good <a href="https://newslinker.co/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">news</a> for DOGE’s price. Historically, such a jump could drag DOGE downwards. Experts believe that it is possible for the price to fall below $0.08 in the short term. However, if the broader market recovers before then, DOGE could maintain this level or even trade at higher levels. Looking at Dogecoin’s technical side, the Bollinger Bands (BB) have widened. This occurrence can mean that volatility is high and significant price volatility may be present.
High social dominance may not stop DOGE’s run. This is because the BB could indicate that if the bulls continue to take money, the price could reach $0.088. Although the Chaikin Money Flow (CMF) is at -0.03, it suggests that its direction could climb into the positive zone soon. If the CMF closes above the midpoint, DOGE’s upward trend could be confirmed. However, if the CMF remains in the negative zone, Dogecoin could continue to trade sideways.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-dogecoin-transfer-detected-to-investment-platform-and-robinhood/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Significant Dogecoin Transfer Detected to Investment Platform and Robinhood</a></h5>

Significant Dogecoin Transfer Detected to Investment Platform and Robinhood

Table of Contents

COINTURK NEWS

Other articles published on Jan 25, 2024

What’s Possible in Blockchain Gaming in a Potential Bull Run

Thailand Cryptocurrency Exchanges Getting Ready Ahead Of Crypto Tax Changes

SEC delays decision on BlackRock’s Ethereum spot ETF launch

How to Choose the Right VPN for Your Mobile – VPN for Mobile Devices

Blair and Hague Call for Sale of NHS Data to Drive AI Treatment

XRP Coin’s Struggle Amidst Market Uncertainty

Join our free newsletter for daily crypto updates!