DOGE Price: Dogecoin whale accumulates 200 million coins, what’s next?
In an exciting plot twist, on April 4, Dogecoin whales appeared to have amassed nearly 200 million DOGE, causing uproar in the cryptocurrency space.
The move by the whale comes amid a sharp decline in the coin, sparking speculation about Dogecoin’s future price movement. After the recent correction witnessed in the cryptocurrency market, dog-based meme tokens have seen a considerable decline, sharply reversing their previous gains.
Meanwhile, DOGE continues its decline today, trading sideways along the $0.18 mark. With this in mind, the meme coin appears to have found some support at current prices, preventing it from facing a further plunge. However, Dogecoin’s on-chain data adds a touch of bearish sentiment to the coin, pointing to a downward trend in the broader crypto market.
Dogecoin whale accumulation sparks curiosity
According to data revealed by blockchain tracker Whale Alert, the two whales accumulated a total of 201.41 million DOGE in the past 24 hours. The first transaction illustrates the whale’s accumulation of 121.41 million DOGE, worth $20.94 million. The second transaction accumulated 80 million tokens, worth $13.74 million. It is worth noting that both transactions were conducted through Robinhood, a well-known American trading service platform.
At the same time, the trades fueled a maelstrom of inferences surrounding the “buy the dip” sentiment prevalent among whales. This, in turn, has fueled investor enthusiasm for DOGE's future price movements. 💰qun+v:417072555👈In contrast, the coin’s market dynamics and on-chain data conjure up the confusing context surrounding Dogecoin’s future price action.
An earlier analysis by CoinGape Media noted that DOGE remains in a bearish trend of 8%, coinciding with the token’s continued plunge in the market today. In addition, derivatives data released by Coinglass showed that the token’s open interest decreased by 5.45%, and trading volume also dropped by 27.71%. This further highlights the strong downward trend in dog-based meme tokens, mirroring the decline in DOGE price.
However, technical indicators point to buying sentiment in the market, with the RSI hovering at 51 levels.This weakens DOGE's bearish trend today, indicating that DOGE sentiment is neutral and there is some buying pressure in the market. If this buying pressure increases, DOGE's decline may be further cushioned, and the large accumulation of whales further aligns with this and triggers speculation of enhanced future price action.
