Dogecoin support wavers as whales move; Brace for further DOGE drop?
Release: 2024/04/14 22:04 Reading: 554
Meme cryptocurrency Dogecoin (DOGE) continues to grapple with bearish sentiment as it aligns with the broader market downturn. The recent decline has placed significant pressure on DOGE to maintain its price above crucial support levels, with the current $0.15 threshold appearing increasingly uncertain.
Attention has now shifted to how long the support will hold, particularly considering on-chain data indicating heightened activity among whales in the Dogecoin ecosystem. Notably, data by Whale Alert on April 14 revealed that 600 million DOGE, valued at approximately $92 million at the time of transfer, moved from an unknown wallet to crypto exchange Binance.
Additionally, another 350 million DOGE, valued at around $53.92 million, moved from Robinhood to an undisclosed wallet.
Picks for you
Implication of the transfer
Given the magnitude and timing of these transactions, the Dogecoin community remains on edge regarding their full implications. Generally, whales are significant players in the crypto market, as their buying and selling activities can significantly impact a token’s price.
In this case, the transfer of the meme coin to Binance could signal potential volatility and impending losses. Typically, investors move their assets to trading platforms when they intend to sell them, indicating potential bearish sentiment.
On the other hand, the whale transfers could also offer mixed signals, especially regarding the one involving Robinhood. Notably, the movement of funds off exchanges can sometimes signal fresh accumulation, and in the case of DOGE, it could suggest buying during the dip.
Considering the large-scale nature of the transfer from Robinhood, it might be a bullish indicator of the meme coin’s price.
What next for DOGE?
By press time, Dogecoin was trading at $0.153, having corrected by almost 12% in the last 24 hours. The largest meme coin is down by 22% on the weekly timeframe.
Overall, the prevailing mid-term outlook for Dogecoin remains bearish. It’s worth noting that DOGE has found support at the $0.15 level after dropping as low as $0.141 in the last 24 hours.
Indeed, the current support can be considered a hotspot for buyers, potentially preventing a more extended decline and possibly igniting a rally that could retest resistance levels at $0.2
However, considering that DOGE is trading in tandem with the overall market, any sustained bullish sentiments would likely see the coin lose its position and correct to as low as $0.13. The transaction from Binance could validate this outlook.
Overall, given the prevailing bearish pressure on Dogecoin and the substantial whale activity, the meme coin requires support from the broader market to avoid experiencing further declines.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Recent news
More>- 6 Best Cheap Crypto to Buy Now Under 1 Dollar November 25 – Arbitrum, Mina, Chiliz, Theta Fuel 11-26
- Pepe and Shiba Inu Face Strong Bearish Pressure: Is the Memecoin Market Losing Momentum? 11-26
- Meme coin prices dip; traders move to $40M Pepe Unchained ICO for massive potential gains 11-26
- Whale Moves 308B BONK Tokens to Coinbase Before Big Burn Event 11-26
- Why BTFD Coin, Pepe Coin, and Bonk Coin Are Top Meme Coins 11-26
- Missed the Pepe Coin Frenzy? This New Best Meme Coin is Here to Realise Your Dreams 11-26
- From Underdog to Top Dog: This Solana-Based Token Could Outperform Pepe by 100x This Year! 11-26
- Top 5 Crypto That Have Surpassed Their ATH In Recent Days! 11-26
- Best Wallet Soars Past $1M In Private Sale As Public Presale Starts Today For Web3 Wallet Built For 2024 Bull Run 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com