Price Analysis

Whales Transfer Millions of DOGE onto Exchanges, Is a Major Price Action Underway?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • After the recent spike, the whales have been transferring millions of DOGE, indicating the possibility of extracting the profits incurred

  • Meanwhile, the DOGE price experienced a significant plunge as Elon’s effect appears to have faded away

Dogecoin price had received immense attention in recent times as elon musk acquired Twitter and completed the $44 billion deal. While many speculated that the asset may also be included as one of the payment options along with other cryptos, the DOGE price gained huge bullish momentum. 

Woefully, the price at the moment appears to have stuck up under a bearish influence and hence is believed to drop notably in the coming days. 

Meanwhile, the dogecoin whales have become extremely active of-let as a large amount of DOGE has been transferred onto the exchanges. They have moved nearly 256 million DOGE to binance  & coinbase  despite Elon Musk’s Twitter takeover. 

As per the data shared by Whale Alert which records large & interesting transfers, these tokens were moved in 2 different transactions. Initially, 212.3 million DOGE was moved to Coinbase worth $26.67 million.

Further, another transaction of transferring 43.67 million DOGE to a Binance address was recorded worth $5 million at the press time. 

Despite the fact that Elon Musk hinted at the probable Twitter acceptance of Dogecoin, the DOGE price continues to slash hard. The popular token is valued at $0.1169 at the moment, with a drop of 5.06% in the past 24 hours. Meanwhile, the market cap also suffered a plunge of over 5%, but the trading volume increased by more than 27% to reach $1.4 billion, indicating the revival of bearish influence over the asset. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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