Whale Offloads Its Holding In DOGE: Could It Affect The Breakout?
Release: 2024/05/17 02:49 Reading: 278
- The DOGE crypto is showing a decline of -1.64% in the last 24 hours, trading at $0.15314.
- A Dogecoin whale has moved 200 million DOGE, worth around $30.867 million, to the trading platform Robinhood.
The Dogecoin price (DOGE) has exhibited a positive sentiment, causing meme coins to increase as bullish investors appear to have returned to the sector from last week. This gesture follows Bitcoin’s (BTC) price, which has surpassed the $65,000 mark and may continue to ascend if the BTC asset remains above this threshold.
Do Whales Intend to Dump DOGE or Not? Let’s Find out!
As reported by Whale Alert over the X platform, the Dogecoin whale moved 200 million DOGE on May 16th, worth around $30.867 million. This transfer occurred from a mysterious wallet ending with -wwKF to the trading platform Robinhood.
200,000,000 #DOGE (30,867,144 USD) transferred from unknown wallet to #Robinhood
https://t.co/GkPGcKp5ym
— Whale Alert (@whale_alert) May 16, 2024
This week, Dogecoin’s price has surged in performance by more than 7% due to its increased buying activity in the market. Nevertheless, the significant move to Robinhood suggests that a major investor might probably intend to offload a considerable amount of their holdings. It could create potential selling pressure and could also halt the current upward trend in the process, as well.
Dogecoin is More Than a Meme-Coin; It Provides More Privacy!
According to Inevitable360 on X, Dogecoin provides more privacy than traditional banking systems that require personal identification for transactions. It emphasizes that decentralization has more benefits than centralization.
Did you know that #Dogecoin offers more privacy than traditional banking systems that require personal identification for transactions using their network?
You can send 1 $Doge worldwide without identity yourself, the same can't be done using fiat currency
pic.twitter.com/FtLywSLCTP
— inevitable360 (@inevitable360) May 16, 2024
Furthermore, the tweet also pointed out another DOGE benefit: users can send 1 unit of this asset worldwide without even sharing their personal identity with anyone, which cannot be done using fiat currency.
Is DOGE Price Going to Bleed or Thrust Upward? Let’s Assess the Daily Chart!
Earlier, the Dogecoin price rebounded from a pivotal level of around $0.13000 on the chart and broke the trendline of the wedge.
At press time, the DOGE crypto is experiencing a decline of -1.64% in the last 24 hours, trading at $0.15314, and the price has been giving a breakout from a falling wedge pattern.
Similarly, the DOGE asset has been rising steadily and firmly as it remains above the major 20-day and 50-day EMAs, indicating bullish strength on the daily chart.
Likewise, the MACD exhibits a bullish cross, with a growing histogram in DOGE, and the RSI has also been rising steadily, indicating that the DOGE asset is not losing steam and could continue to climb higher in future sessions. If the breakout persists, the next goal for the price could be to reach the above levels, such as $0.1700 and $0.2000.
However, if the DOGE crypto price fails to stay above the $0.1300 level, it could decline further.
Summary
The price of Dogecoin (DOGE) has exhibited a positive sentiment, causing meme coins to increase as bullish investors returned to the sector from last week. Dogecoin’s price has surged more than 7% due to increased buying activity in the market, and there are indications that a major investor might be getting ready to offload a considerable amount of their holdings.
Additionally, the price has shown a breakout from a falling wedge pattern, and if the breakout persists, the next price targets could be $0.1700 and $0.2000. However, if the DOGE crypto price fails to stay above the $0.1300 level, it could decline further.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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