Dogecoin Whales Dumping Tokens Amid Concerns of DOGE Price Hitting $1 in 2024
Release: 2024/09/05 04:29 Reading: 309
- Original author：Crypto News Land
- Original source：https://cryptonewsland.com/?p=179927
Dogecoin Faces Downward Pressure After Whale Activity Drop
September 5, 2024
Dogecoin has experienced a 3% decline in value following a significant sell-off by whales, who unloaded approximately $11.70 million worth of DOGE.
Whale Activity Dwindles
The on-chain activity of whales has dropped noticeably, with inflows decreasing from 229.49 million to 27.96 million DOGE per day since September's beginning. This decline suggests a shift in sentiment among large investors.
Futures Open Interest Declines
Dogecoin's futures open interest has also decreased by 3.5%, indicating that traders are becoming more cautious about the asset. The Relative Strength Index (RSI) is currently at 40, indicating downside pressure.
Bullish Sentiment Fades
Earlier this month, Elon Musk hinted at accepting Dogecoin as payment for Tesla products, which initially boosted sentiment in the market. However, this optimism has since dissipated due to the recent whale sell-off.
September 4 Whale Transaction Raises Concerns
On September 4, Whale Alert reported a transfer of 119.67 million DOGE from an unknown wallet to Robinhood, indicating a significant outflow of whale holdings. This transaction raised concerns about a potential decline in the token's value.
Sluggish Market Performance
Despite Musk's endorsement, Dogecoin has not responded positively. Its value dropped by 3% on the day of the whale sell-off and has continued to trade with low volatility since.
Potential Challenges Ahead
The decline in whale activity, combined with cautious market sentiment and slow price action, suggests potential challenges for Dogecoin in the short term. The asset's price action is likely to remain bearish unless there is a significant shift in market conditions.
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