Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

Large Dogecoin (DOGE) investors may be cashing out, causing potential drops in the meme coin’s price following its recent price spike and reaching a new peak of $0.22 over the past three years.

Dogecoin Witnesses Wave Of Profit-Taking

Based on data from market intelligence platform Santiment, there has been a decrease in the number of Dogecoin owners holding between 10 and 100 million DOGE coins. This could imply that some investors have sold their tokens to capitalize on the recent price increase in Dogecoin.

The behavior of cashing out profits among DOGE investors seems to have developed into a recurring theme, according to Santimement’s analysis. Moreover, Bitcoinist revealed in March that a significant Dogecoin investor had sold off 86 million DOGE tokens in the market right after the cryptocurrency experienced an uptrend.

Based on the size of these whales’ investments, their decisions to sell will significantly impact the DOGE token price. This could be why the meme coin has been gradually decreasing in value since reaching a peak of $0.22 last week. Notably, Santiment predicted a potential selling spree from these large investors in a recent social media update.

Major dormant investors of Dogecoin have recently transferred their coins from storage to active circulation on the crypto platform. This action often precedes selling, indicating potential upcoming transactions. In contrast, Dogecoin enthusiasts within the community remain undeterred by the recent price drop, viewing it as a chance to acquire more of the meme currency at a lower cost.

The Whales Will Soon Return  

Large investors in Dogecoin, known as whales, are likely to reenter the market and buy more coins once they have finished selling to realize their profits. At the same time, they view this phase as a chance to purchase DOGE at low prices and prepare for potential price increases in the future.

Although there has been a recent price correction, Dogecoin, the largest meme coin by market value, shows strong signs of bullishness based on current trends. Analysts believe that its price could reach $1 during this market cycle. In the near term, anticipation is high for Dogecoin as several notable events are scheduled to take place in April.

Coinbase, the leading US cryptocurrency exchange, announced that it will introduce Dogecoin futures for institutional investors starting from April 29. This decision might attract fresh funds into Dogecoin’s market and potentially boost its price. Additionally, DOGE Day is scheduled for April 20, an event that could shine a light on the meme coin and possibly influence its value in a favorable way.

Currently, DOGE is priced at approximately $0.18 during this composition, representing a 6% decrease within the past 24-hour period based on information provided by CoinMarketCap.

Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

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2024-04-02 22:16