🔥🔥🔥 Brace For Price Impact: Dogecoin #Whales 🐳🐳🐳Move Massive 456 Million $DOGE To Exchanges
Recent on-chain data reveals a substantial movement of 456 million DOGE tokens to the crypto exchange Coinbase, coinciding with a flurry of whale transactions across various platforms in the past 24 hours. Despite the recent uptick in meme coin prices, DOGE has struggled to maintain levels above $0.165 over the past week, leading to bearish sentiment towards the #cryptocurrency . The transfer of such a large amount of DOGE into an exchange suggests whales may be preparing to offload their holdings, posing downward pressure on DOGE's price.
Whales Transfer 456 Million DOGE to Coinbase
- The uncertainty around the restructuring plan and potential appeals raises questions about creditors' crypto holdings' true value and their return process. Creditors are seeking legal advice to challenge the plan's fairness, which could impact the bankruptcy case and the broader crypto community
- The rapid succession suggests they may be orchestrated by the same entity. Investigation into the involved addresses reveals they no longer hold any DOGE, reinforcing the notion of selling off the tokens.
- Both addresses held DOGE since last year, with the last inflow on November 1, 2023, when DOGE was around $0.068, potentially making these holdings significantly profitable.
What Lies Ahead for Dogecoin?
- At $0.1511, DOGE shows signs of correction after failing to sustainably break above $0.164. The movement of nearly half a billion Dogecoins suggests potential significant price volatility. While DOGE saw a marginal decline of 0.64% over the past week, other #altcoins and #memecoins like Shiba Inu, PEPE, Dogwifhat, and FLOKI have seen notable gains.
- Predicting DOGE's future remains challenging given its speculative nature and susceptibility to hype. Some foresee short-term declines, while others remain bullish, predicting a potential rally towards $1. Caution & careful analysis are advised for investment decisions involving Dogecoin.
Source - newsbtc.com
