DOGE Crazy Migration:
90 million Dogecoins fled, the price plunged, why did whales buy against the trend?
Just when you thought the crypto market was crazy enough, 90 million DOGE tokens suddenly fled from Robinhood, causing market shocks and prices falling 3%. However, the smart "big whales" secretly swallowed $112 million worth of Dogecoins in 24 hours.
What is the intention of this operation? Let's find out.
**Behind the Great Migration: Where did 90 million DOGE go? **
Robinhood's 90 million DOGE transfer has undoubtedly become the focus of the market. Such a large-scale transfer has undoubtedly caused panic among investors, causing the price to fall by 3% in an instant. However, does this indicate a dramatic change in the market, or is it just a "washing" action by whales?
**Whales buy against the trend: smart or crazy? **
Despite the price decline, whales are buying heavily at this time. According to Santiment data, 700 million DOGE (about $112 million) has been pocketed by whales in the past 24 hours. Is this counter-trend operation a smart investment strategy or a crazy gamble?
Cryptocurrency trader Kaleo has his own opinion on this. He predicts that DOGE will consolidate in the current price range for a while, and then usher in a sharp rise. He even joked: "If you think that the king of memes will not exert force in the super cycle of memes, then you are crazy."
**Historical review: glory and loss**
Although DOGE has risen 83% in 2024, it is still down 72% from its historical high. This data undoubtedly discourages many investors, but there are also many "die-hard fans" who firmly believe that DOGE's glorious moment is still behind.
First, let's take a look at the beginning and end of this whale swallowing transaction. In just 24 hours, whales used their amazing financial strength to frantically purchase 700 million DOGE tokens, which is equivalent to nearly 0.5% of the entire Dogecoin circulation. However, in the face of such huge buying pressure, the price of DOGE did not surge, but instead showed a strange "calmness".
This phenomenon has triggered widespread discussion in the market. Some analysts believe that this may be because the current market has become immune to the price fluctuations of Dogecoin, and even if there are large-scale buying and selling transactions, it is difficult to cause drastic price fluctuations.Other investors are worried that this whale-swallowing transaction may indicate that greater market fluctuations are coming. After all, whales often have a keen sense of the market and strong financial strength, and their behavior can often lead market trends.
**Future Outlook: To rise or not, that is the question**
On the whole, DOGE's future is full of variables. The whales' contrarian bottom-fishing is in sharp contrast to the panic in the market. In the short term, prices may continue to fluctuate within the current range, but in the long run, with the change of market sentiment and the spread of meme culture, DOGE is expected to usher in a new rise.
