The post Dogecoin Whale Dumps $140M DOGE Amid Recent Dip, Is Meme Coin Frenzy Over? appeared on BitcoinEthereumNews.com.

In what comes as a bearish mover, a Dogecoin whale has raised severe market concerns by offloading nearly $140 million worth of tokens on Tuesday. Recent on-chain data indicated that 400 million DOGE was dumped into a cryptocurrency exchange, raising investor apprehensiveness amid the token’s latest price dip. As a result, market watchers are cautious regarding the meme coin’s future price action, as even the intraday price chart showed a crash of nearly 10%. On the other hand, other top meme coins such as Shiba Inu (SHIB), PEPE, and TRUMP have also traded in the red territory, sparking market sentiments over a meme coin season end. Dogecoin Whale Dumps Heavily Raising Market Uncertainty According to the latest data by Whale Alert, a Dogecoin whale shifted 400 million coins worth $137 million to the crypto exchange Binance. Further, per the data, the unknown wallet address DU8gPC5mh4 was registered to make the transaction. For context, massive whale dumps to exchanges usually signal a loss of large-scale investors’ confidence in the asset. In turn, market participants remain cautious over future price movements. DOGE Lawsuit Adds To Concerns The recent D.O.G.E. lawsuit against Elon Musk‘s government advisory panel has further kept market participants on their toes. CoinGape reported that a U.S. watchdog has sued the organization, alleging it violated federal transparency laws. As a direct response, the dog-themed meme coin’s market sentiment took a hit, with crypto enthusiasts unsure of the impact of legal uncertainties. Amid this, the recent dump by the Dogecoin whale indicates the waning risk-bet appetite of the market participants. Elon Musk Stirs Speculation With Recent Comments However, it’s worth mentioning that Elon Musk’s recent ‘DOGE To Mars’ comment has sparked contrasting speculations. In light of the White House’s recent Department of Government Efficiency executive order, the current market scenario for…

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Filed under: News - @ January 21, 2025 3:23 pm