😱😱😱DOGE Price: Dogecoin Whales Collected 200 Million Coins, What's Next?
Meanwhile, #DOGE continued to trade in the red today, moving horizontally at the level of $ 0.18 Dec. In relation to this, meme coin seems to be finding some support at current prices, which prevents it from facing further declines. However, the on-chain data on #Dogecoin has added some bearish sentiment to the token, indicating a bearish trend in the broader crypto Sunday.
Dogecoin Whale Accumulation Has Raised Curiosity
According to data revealed by the blockchain tracker Whale Alert, 201.41 million DOGE have accumulated collectively through two whales in the last 24 hours. The first transaction showed a huge accumulation of 121.41 million DOGE, worth $ 20.94 million for a whale. In the second transaction, 80 million coins worth $ 13.74 million were accumulated. In particular, both transactions took place through Robinhood, a famous American trading services platform.
Meanwhile, these transactions have set in motion a vortex of inferences revolving around the prevailing "buy from the Dec Dec" sentiment among whales. This, in turn, ignited investors' increasing excitement about the DOGE's advancing price trend.
In contrast, the token's market dynamics and on-chain data have created a confusing background surrounding Dogecoin's forthcoming price action.
Dogecoin Is On The Decline
As of the time of writing, the price of the Dogecoin token has recorded a decrease of 2.76% in the last 24 hours. The token is currently at $0.181, and its price has fallen below this level several times today.
He had revealed that an 8% downward trend for DOGE remained stable, and this coincided with the ongoing decline of the token witnessed in the market today. Moreover, the derivatives data disclosed by Coinglass revealed a 5.45% drop in the token's open position, followed by a 27.71% drop in volume. This reflected the decline in the DOGE price, underscoring a strong downward trend in the dog-based meme token.
