Dogecoin nabbed significant attention across the global crypto realm again as phenomenal whale activity surrounded the token amidst its current price flux. Per blockchain data surfacing within the crypto market, roughly 456 million DOGE was moved to Coinbase today, birthing a sense of caution among DOGE traders and investors.

The transfer of DOGE to Coinbase reflected a substantial offloading chronicle of Dogecoin by whales, which has in turn sparked speculations about a potential loss of interest in the asset among these large-scale investors. This event has raised serious concerns about the trajectory of DOGE’s price in the future, with on-chain data painting an uncertain picture for the token’s upcoming journey. 

Let’s examine Dogecoin’s current market dynamics and what it suggests about the price action of the world’s most popular dog-based meme crypto.

Dogecoin Whale Transactions Ignite Bearish Sentiments 

Notably, data from Whale Alert, a blockchain tracking platform, unveiled two massive DOGE whale transactions today, April 26, collectively attributing to the transfer of 456.82 million DOGE to a CEX. Both the transactions illustrated DOGE tokens transferred to Coinbase, a globally renowned cryptocurrency exchange.

The first transaction showcased 228.10 million DOGE, worth $34.34 million, shifted by an unknown whale to Coinbase. Similarly, the second transaction revealed 228.72 million DOGE, worth $34.43 million, shifted by another unknown whale to the same exchange. These whale transactions rode a couple of bearish market sentiments as the token’s supply on exchanges spiked, whereas whales illustrated a loss of confidence in the asset.

However, despite the highly volatile movement over the past day, DOGE managed to trade in the green at press time, a stark contrast to the market’s bearish stance that aligns with today’s whale transactions.

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DOGE Price Jumps, What’s Next?

As of writing, the Dogecoin price has jumped slightly by 0.36% in the past 24 hours and is currently trading at $0.1501. The token’s slight jump in price trajectory appears to be garnering significant attention among crypto market traders and investors, as it contrasts usual market sentiments and on-chain data. 

Coinglass spotlighted a 35.04% decrease in the token’s derivatives volume, accompanied by an open interest slip of 0.02%. This hinted at a significant reduction in the token’s market activity, with investors further closing their DOGE positions. 

When coupled with the massive dumps mentioned above, the derivatives data flags a bearish market sentiment for Dogecoin, with investors expecting a bearish movement for the token in the short term. However, a tidal wave of optimism surrounding the token’s price trajectory in the long run persists, as DOGE is expected to mimic Bitcoin’s parabolic uptrend post-halving. 

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The post Dogecoin Price: Whales Move 456 Mln DOGE To Coinbase, Price At Risk? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am