Rally

2024

Litecoin

Dogecoin

In an unprecedented turn of events, following a remarkable price rally witnessed by Dogecoin, one of the most popular meme-based cryptocurrencies, the token now appears to be facing a correction phase in the market. This piqued the interest of crypto market enthusiasts across the globe as DOGE’s price noted a slip below the $0.22 mark recently, with today’s massive DOGE dump to a CEX further weighing in. 
Insights revealed by the blockchain tracker Whale Alert illustrated nearly 140 million DOGE offloaded amid Dogecoin’s today’s bearish turn. This promptly gave rise to a tidal wave of speculation surrounding the meme-based token’s potential price action ahead. Although market dynamics painted a bearish portrait for the meme token, the broader market trend embarked upon by DOGE contrarily garnered optimism, adding up to its price action’s conundrum. 
<h2 id="whale-dump-adds-bearish-tint-to-doge">Whale Dump Adds Bearish Tint To DOGE</h2> 
According to <a rel="nofollow" href="https://whale-alert.io/transaction/dogecoin/ba05d5b993b2b7b4b04c9ca1d3a44d1ea3726267b0bb4194627d02e9eccb727a" target="_blank">Whale Alert’s insights</a>, 139.99 million DOGE, worth $30.22 million, was shifted to Coinbase in the past 24 hours. Resulting in DOGE supply gains on exchanges, this dump further fell in line with DOGE’s bearish turn, per CoinMarketCap’s data. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 139,999,966 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> (30,224,819 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a><a href="https://t.co/5vGqsPA5eb">https://t.co/5vGqsPA5eb</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1773760963151368269?ref_src=twsrc%5Etfw">March 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Intriguingly, while today’s price correction and the aforementioned dump added a bearish splash to Dogecoin, the meme token’s broader charts contrastingly illustrated signs of sustained upward momentum, gradually shifting from a downtrend to an uptrend, defined by a U-shaped recovery. 
<img decoding="async" class="aligncenter wp-image-188765" src="https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory.png" alt="Dogecoin price" width="743" height="353" srcset="https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory.png 1570w, https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory-300x143.png 300w, https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory-1224x582.png 1224w, https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory-768x365.png 768w, https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory-1536x730.png 1536w, https://coingape.com/wp-content/uploads/2024/03/DOGE-U-Shape-Trajectory-150x71.png 150w" sizes="(max-width: 743px) 100vw, 743px"> 
This stirred a whirlpool of speculation among crypto market traders and investors globally, as on-chain market dynamics further showcased a downtrend for DOGE. 
Also Read: <a href="https://coingape.com/litecoin-ltc-price-breaks-past-105-major-price-rally-expected-in-april/" target="_blank" rel="noopener">Litecoin (LTC) Price Breaks Past $105, Major Price Rally Expected in April</a> 
<h2 id="dogecoin-s-price-slips">Dogecoin’s Price Slips</h2> 
As of writing, the <a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener">Dogecoin token’s price</a> has dropped 1.62% in the past 24 hours and is currently resting at $0.2125. Notably, the meme coin’s charts illustrate that the token witnessed quite a flux over the past day, nabbing investor attention. 
Meanwhile, the derivatives data showcased a 3.08% drop in the open interest and a 46.28% dip in volume, flagging to the token’s downtrend in the market. However, analysis by CoinGape Media spotlighted a <a href="https://coingape.com/markets/dogecoin-price-gains-momentum-as-whales-dive-in-is-0-3-next-stop/" target="_blank" rel="noopener">crucial movement showcased by Dogecoin</a>. 
Notably, the token recently broke the resistance of $0.206 to hit a 28th-month high of $0.2288, fueling investor enthusiasm. However, following corrections witnessed, as mentioned above, the DOGE price will likely retest the breached resistance and potential support. Simultaneously, a sustained breakout could cushion buyers to pursue a possible target of $0.27, escorted by $0.3. 
Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-to-drop-below-70k-sol-xrp-gain-as-wif-hits-ath/" target="_blank" rel="noopener">Crypto Prices Today March 30: Bitcoin To Drop Below $70K SOL &amp; XRP Gain As WIF Hits ATH</a> 
The post <a href="https://coingape.com/dogecoin-whale-dumps-140-mln-doge-price-takes-bearish-turn-what-next/">Dogecoin Whale Dumps 140 Mln DOGE As Price Takes Bearish Turn, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogecoin Whale Dumps 140 Mln DOGE As Price Takes Bearish Turn, What’s Next?

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