Leading memecoin Doge has regained the important $0.1 level, rising more than 10% as of writing. #Dogecoin‬⁩ lost 11% of its value in the last week and more than 30% in the last month. All these losses are due to the massive selling by $DOGE whales and the depreciation of Bitcoin.

IMPORTANT POINTS

  • Dogecoin price is up nearly 15% today, indicating increased market confidence in the meme coin.

  • The rise following the sharp decline in the DOGE price helps it regain the short-term support of $0.1.

  • Amidst the price increase, #DOGE whales have transferred more than 500 million tokens to exchanges, causing concern.

Dogecoin made a comeback today with a solid rise, regaining the critical $0.1 support level. While all this was happening, two big whales transferred more than 500 million dogecoins to the exchanges.

However, amid today's rally, #Whale Alert, a leading on-chain transaction tracker, detected two large DOGE transactions. In the first transaction involving a wallet labeled “DU8gP….guBr5”, 370 million DOGE worth approximately $39.34 million were moved to Binance.

Meanwhile, a second whale with the address “DGyy2…RJ15g” transferred 137 million DOGE worth approximately $13.9 million to Robinhood . These significant movements have sparked various speculations in the crypto community.

The motivations behind these significant sales remain a matter of debate. Some analysts suggest that whales are engaging in panic selling, reacting to the broader market decline and trying to minimize potential losses.

On the other hand, some argue that these large-scale investors may have seized the opportunity to profit by taking advantage of the recent price recovery and renewed momentum in the DOGE market.

Crypto experts note that such whale actions often have a significant impact on market dynamics. As seen in the recent DOGE scenario, large transfers can lead to price fluctuations and increased volatility. Still, Dogecoin's recovery shows that despite pressure from significant selling, a solid base of support remains among retail and smaller investors, helping the meme coin quickly regain lost ground.

#BinanceTurns7 #BinanceTournament