Whale Alert, a well-known platform for tracking crypto and blockchain activity, has identified a significant deposit of DOGE during the recent decline in Dogecoin’s price. This large transfer, involving more than 70 million DOGE tokens, was executed by an unidentified whale to Binance, the largest cryptocurrency exchange in the world. The timing of this substantial Dogecoin transaction follows a recent 10% price drop in the meme coin.
Large Scale Movement of Over 70 Million Dogecoin To Binance
The recent dip in Dogecoin’s price has led to concerns among investors as DOGE whales have started selling off their holdings. While analysts and traders foresee a potential price breakout for Dogecoin, many are expressing frustration and worry over the ongoing sell-offs by DOGE whales, fearing a slowdown in market momentum.
Whale Alert detected a significant transfer of Dogecoin on January 7, with approximately 70,081,124 DOGE tokens being moved to Binance by an anonymous whale. This substantial deposit, valued at over $27.6 million, has attracted attention in the crypto market, as large-scale whale transactions often do.
Typically, when assets are transferred from a wallet to a crypto exchange like Binance, it often signifies a potential sell-off. Investors tend to move their holdings to exchanges when they plan to liquidate their positions.
The recent transfer of 70 million DOGE could lead to increased volatility, potentially causing further downward pressure on Dogecoin. As of now, CoinMarketCap’s data indicates that Dogecoin’s price has fallen by more than 11.2% in the past 24 hours. Given the meme coin’s sensitivity to market fluctuations, additional sell-offs could heighten concerns of further declines.
Crypto analyst Ali Martinez has reported that Dogecoin’s TD sequential is showing a sell signal on its daily chart, suggesting an upcoming price correction due to widespread liquidations leading to a downtrend.
Analyst Advises Against Selling DOGE
After breaking out of an Ascending Triangle pattern, Dogecoin seems to have returned to the apex, testing it as a new support level to potentially continue its upward trajectory. Trader Tardigrade shared a chart highlighting that the apex of the Ascending Triangle could act as a catalyst for a Dogecoin price rally, with the possibility of reaching a new all-time high of $0.95.
Therefore, Dogecoin investors are encouraged to remain steadfast as the meme coin experiences this crucial phase in its price movement. Trader Tardigrade has stressed that now is not the time to hastily sell off or short DOGE, as it could result in missing out on the anticipated price surge to a new all-time high.
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