Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

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Over the past year, Dogecoin has been among the top-performing cryptocurrencies, managing to maintain gains despite market downturns. However, following its surge in March and subsequent decline in April, it seems that investors, particularly large ones or “whales,” are planning to cash out their profits. This theory is supported by several notable Dogecoin transactions observed at exchanges within the past day.

Dogecoin Whales Move 800 Million DOGE To Exchanges

Transferring large quantities of cryptocurrency, such as DOGE, to centralized exchanges can be a bearish sign for the coin’s price. This is because investors often offload their holdings on these platforms during heavy selling periods, attracted by the high liquidity they offer. Consequently, the increased activity of sending DOGE tokens to centralized exchanges raises concerns within the community.

Yesterday, Whale Alert’s on-chain monitoring tool identified several significant Dogecoin (DOGE) transfers from larger wallets to central exchanges. The most notable transfer took place on April 14, moving 600 DOGE tokens to Binance.

During the exchange, approximately $92.3 million worth of tokens were moved. Now, due to Dogecoin’s price rise since then, the value of those tokens may have grown to around $95 million.

After the initial trade of significant DOGE tokens, there were two more transactions that took place with similar value. The second one involved a transfer of approximately 100 million DOGE tokens, equivalent to around $15.28 million, en route to Robinhood.

The third deal among the group of three was set to transfer 99.25 million DOGE tokens, equivalent to $16.15 million, to Robinhood for trading. With around 800 million DOGE tokens moving to centralized exchanges, this could be a warning sign indicating an impending sell-off.

Can DOGE Surge From Here?

Although Dogecoin has faced bearish trends recently, the longer-term projection for this meme coin remains optimistic according to crypto analysts. For instance, Trader Tardigrade continues to express a bullish viewpoint, anticipating a strong surge in Dogecoin’s price soon.

According to Tardigrade’s most recent Dogecoin assessment, there’s a promising bullish pattern emerging on the chart, potentially leading to a 100% surge. This anticipated event, predicted to occur around April, is linked to the Bitcoin Halving. Consequently, the DOGE price is forecasted to reach approximately $0.4 in the near future.

Initially, the price of the meme coin needs to surpass the $0.205 mark for it to be considered a significant milestone. This barrier has proven to be challenging for the altcoin’s upward trend. According to the crypto analyst, though, breaching this level would indicate a bullish trend reversal.

Currently, Dogecoin hasn’t managed to surpass the $0.205 barrier yet, and has retreated after being denied at this price point. Its current value is at $0.165, marking a 5.51% rise in the last day but a 20% drop over the past week, based on information from Coinmarketcap.

Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

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2024-04-15 20:11