Identifying if Dogecoin whale’s $30M transfer is the first sign of a sell-off
The post Identifying if Dogecoin whale’s $30M transfer is the first sign of a sell-off appeared on BitcoinEthereumNews.com.
A Dogecoin whale transferred 200 million DOGE to Robinhood, sparking fears of a potential sell-off Dogecoin’s price continued to climb though, with Futures open interest flashing bullish signs too The crypto-market exhibited signs of a strong recovery lately, with Dogecoin (DOGE) riding the wave of bullish sentiments. Over the past week, DOGE’s price hiked by 6.8%. In fact, its appreciation of 4.4% in the last 24 hours pushed the memecoin’s price to $0.156 on the charts. This resurgence has brought optimism to investors and traders who have been closely monitoring the crypto-asset for signs of sustained growth. However, a recent development involving a Dogecoin whale has sparked discussions within the community about the potential impact on the ongoing price rally. According to data from Whale Alert, a whale transferred 200 million DOGE, worth around $30.86 million, to the trading platform Robinhood. This move is notable as it suggests the whale might be preparing to sell a huge portion of its holdings. This could potentially introduce selling pressure and affect DOGE’s upward trajectory on the price charts. Market dynamics and technical indicators The transfer of 200 million DOGE to Robinhood has raised concerns about a possible shift in market dynamics. Such large transfers are often viewed as precursors to selling activities, which can lead to increased supply on the market. It can also potentially stop the prevailing price rally. Here, it is worth questioning if this will affect the broader sentiment and whether it will lead to a reversal of Dogecoin’s recent gains. Meanwhile, in the derivatives market, there has been a noticeable hike in activity, with Dogecoin Futures open interest climbing by 8.44% to hit a figure of $886.38 million. Source: Coinglass The aforementioned figures indicate renewed interest from traders, particularly in the Futures market. However, the dominance of short…
Filed under: News - @ May 17, 2024 4:14 pm