Dogecoin Whale Moves 176 Million DOGE to Binance as Market Sentiment Wavers
In a significant turn of events, a Dogecoin whale was observed dumping 176.64 million DOGE, or $25 million, to Binance, the top cryptocurrency exchange. The wallet address DD1…jCn transferred the aforementioned quantity of coins to Binance as of October 20th, according to Whale Alert data.
The transaction highlighted a decline in investor interest in the asset and stoked pessimistic market sentiment about the future price movement of the top meme coin. In contrast, DOGE’s price surged 1.31% despite the big drop, outpacing Bitcoin’s intraday gains. With the release of new market data, market observers make predictions about the asset’s future price path.
Dogecoin Price Surge to $0.1458 May Be Short-Lived, Experts Warn of Sell Signal
At the time of writing, the price of DOGE had increased by 2% over the previous day and was trading at $0.1458. $0.1376 was the coin’s intraday low, and $0.1495 was its high. It is noteworthy that the token’s weekly and monthly charts showed rises of 28.78% and 37.49%, respectively. However, the large Dogecoin whale dump stated above has left investors nervous about future developments.
Coinglass data also showed that DOGE futures OI fell 0.5% to $1.06 billion, which increased market apprehension over the asset. After recording weekly increases of almost 30% and entering an overbought area, a recent price study of DOGE by CoinGape Media revealed that the meme coin is eyeing a pullback. Furthermore, TD Sequential showed a sell signal on the coin’s daily price chart, according to an X post made over the weekend by cryptocurrency market expert Ali Martinez.
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