Bitcoin

Dogecoin

Million

when

April

<a href="https://www.newsbtc.com/news/dogecoin/dogecoin-memecoins-doge-active-trader-count/">Dogecoin has been one of the best performers</a> over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day. 
<h2 class="p2" id="dogecoin-whales-move-800-million-doge-to-exchanges">Dogecoin Whales Move 800 Million DOGE To Exchanges</h2> 
The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of <a href="https://www.newsbtc.com/news/dogecoin/can-dogecoin-take-xrp-spot/">DOGE tokens</a> being sent to centralized exchanges are concerning for the community. 
Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a <a href="https://x.com/whale_alert/status/1779297204873666703" rel="nofollow">single transaction</a> was carrying 600 DOGE tokens to the Binance exchange. 
At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing. 
Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The <a href="https://x.com/whale_alert/status/1779598481226715628" rel="nofollow">second transaction</a>, which carried 100 million DOGE tokens&nbsp;worth $15.28 million, headed for the <a href="https://www.newsbtc.com/news/dogecoin/doge-price-set-for-rebound-whale-moves-26-million-in-dogecoin-off-robinhood/">Robinhood exchange</a>. 
The <a href="https://x.com/whale_alert/status/1779644786854523213" rel="nofollow">third transaction</a> of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon. 
<h2 class="p2" id="can-doge-surge-from-here">Can DOGE Surge From Here?</h2> 
Despite the bearish pressure that seems to categorize Dogecoin lately, the <a href="https://www.newsbtc.com/analysis/xrp/bitcoin-dogecoin-xrp-months/">longer-term outlook for the meme coin has remained bullish</a>, especially among crypto analysts. Crypto analyst Trader Tardigrade has <a href="https://bitcoinist.com/dogecoin-run-100-to-0-4/" rel="nofollow">continued to maintain a bullish stance on the meme coin</a>, which he believes could pull a significant rally soon. 
Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term. 
However, first, <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-rally-intensifies-eyes-set-on-historic-new-highs/">the meme coin’s price</a> would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout. 
For now, <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-slows-down-doge-new-highs/">Dogecoin is still struggling to break through</a> this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/2NfDD4AN/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 15 Apr 2024

Renowned Crypto Investor Offers Insights on Bitcoin Dip and Halving Event

Railgun Price Soars Over 140% After Vitalik Buterin Endorsement – Privacy Takes Center Stage

These MEME Coins Stand Strong Amidst Market Drop, Bright Future Ahead

Solana rival Option2Trade soars with new platform ‘preview’ release

Uniswap Vs SEC: The Standing Of Uniswap Lawsuit In Crypto Space

How to Combat Market Down-Turn: Why Neo (NEO) and Option2Trade (O2T) Become Market Favorites

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!