dogecoin Whale Dumps 140 Million DOGE As Price Heads Down, What’s Next?
In an unprecedented event following the phenomenal price surge witnessed by Dogecoin, one of the most popular meme-based cryptocurrencies, the token now seems to be facing a correction phase in the market. This has piqued the interest of crypto market enthusiasts around the world as they noticed that the price of DOGE had recently dropped below the $0.22 level and today’s massive DOGE decline further weighed on cex.
Information uncovered by blockchain tracker Whale Alert shows that approximately 140 million DOGE was dumped during Dogecoin’s downtrend today. This has led to a tidal wave of speculation surrounding the potential price movement of the meme-based token in the coming period. Although market dynamics paint a bearish picture for the meme token, the broader market trend initiated by DOGE has conversely garnered optimism and further increased the stalemate of price action.
Whale Dump Adds Bearish Outlook to DOGE
According to insights from Whale Alert, 139.99 million DOGE worth $30.22 million were shifted to Coinbase in the last 24 hours. According to CoinMarketCap’s data, this decline, which resulted in an increase in DOGE supply on the exchanges, fell further in parallel with the downward trend of DOGE.
Surprisingly, while today’s price correction and the aforementioned decline added a bearish bounce to Dogecoin, the broader charts of the meme token contrastedly showed signs of sustained upward momentum gradually shifting from a downtrend to an uptrend defined by a U-shaped recovery .
139,999,966 #DOGE (30,224,819 USD) transferred from unknown wallet to: #Coinbase
— Whale Alert (@whale_alert) March 29, 2024
This has stirred up a maelstrom of speculation among crypto market traders and investors globally, as on-chain market dynamics further reveal a bearish trend for DOGE.
Also Read: litecoin (LTC) Price Crosses $105, Huge Price Increase Expected in April
Dogecoin Price Slips
As of this writing, the price of the Dogecoin token has fallen 1.62% in the last 24 hours and currently stands at $0.2125. Notably, the charts of memecoin show that the token has witnessed quite a large influx in the past day and has attracted the attention of investors.
Meanwhile, derivatives data showed a 3.08% decrease in open interest and a 46.28% decrease in volume, indicating the token’s bearish trend in the market. However, analysis by parofix Media highlighted a significant movement exhibited by Dogecoin.
Notably, the token recently broke the $0.206 resistance and reached a 28th-month high of $0.2288, which increased the excitement of investors. However, following the corrections witnessed as mentioned above, DOGE price is likely to retest the broken resistance and potential support. Simultaneously, a sustained breakout could push buyers to pursue a possible target of $0.27 accompanied by $0.3.
Also Read: Crypto Prices Today, March 30: Bitcoin Will Drop Below $70K As WIF Reaches ATH SOL and XRP Gain
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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