Whale Causes Market Stir with Massive Dogecoin Transfer

In a significant move, a large holder shifted 990 million Dogecoins to a new address, potentially triggering a short-term decline with DOGE possibly falling below $0.08.

Whale Causes Market Stir With Massive Dogecoin Transfer_65b975e9c8385.webp

The Whale Alert blockchain tracking platform recently disclosed a substantial movement of 990 million Dogecoin (DOGE) from one wallet to another on January 16th. The transferred coins carried a value of $79.75 million. However, Whale Alert highlighted the inability to verify the public profiles of the involved parties in the transaction.

While the transaction could imply a potential sale if the coins were deposited into an exchange, it remains uncertain at present whether this move is indicative of a forthcoming sale. Interestingly, similar transactions have been observed as relatively routine within the Dogecoin ecosystem.

🚨 🚨 🚨 🚨 990,000,000 #DOGE (79,757,842 USD) transferred from unknown wallet to unknown wallet https://t.co/Jtf8HzANTK

— Whale Alert (@whale_alert) January 16, 2024

A noteworthy event occurred on January 9th when a comparable transfer of one billion DOGE from Binance to another wallet transpired. Following this transaction, DOGE experienced a surge from $0.076 to $0.085. Nevertheless, between that period and the current moment, the price of DOGE witnessed a decline, settling at $0.082.

DOGE’s Bearish Outlook: Anticipating a Decline

Examining the trading volume, on-chain data reveals a significant drop to $296.74 million, marking a substantial decrease from the peak of $1 billion recorded on January 12th. This decline suggests a reduction in participant activity regarding the buying and selling of Dogecoin.

whale causes market stir with massive dogecoin transfer 65b975e9cb5e8

Additional metrics considered by AZC News include Dogecoin circulation and Open Interest per exchange, providing a comprehensive overview of the current dynamics within the Dogecoin market.

Related: Elon Musk Revealed That He Still Holds Dogecoin

The circulation metric reflects the number of coins involved in transactions over a specific period. A decrease in circulation signals reduced selling pressure, while an uptick suggests heightened usage. While not a consistent rule, an increased circulation can sometimes precede a price decline. Currently, DOGE’s one-day circulation has risen to 14.48. In tandem, the Open Interest on exchanges has also surged to 111.96 million.

whale causes market stir with massive dogecoin transfer 65b975e9d4416

The concurrent rise in circulation and Open Interest hints at a potential decrease in DOGE. This is corroborated by the Accumulation/Distribution (A/D) indicator, which, according to the 4-hour chart, has plateaued at 27.14 billion. This suggests a pause in both distribution and accumulation. In this scenario, Dogecoin may either dip below $0.08 or fluctuate within the $0.080 to $0.083 range for the time being.

whale causes market stir with massive dogecoin transfer 65b975e9db286

Additionally, the Bollinger Bands (BB) indicate low volatility as the bands contract, reinforcing the notion that a DOGE breakout is challenging. However, a surge in buying pressure from bulls could breach the $0.083 resistance, potentially leading to a move towards $0.09. Nevertheless, this outcome may not materialize in the short term. The trajectory of DOGE’s price might align with the broader movement of altcoins; if they start an upward trend, DOGE’s value could also experience an increase.

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