Is This The End Of Dogecoin? Whales Dump 600 Million Coins As Price Crumbles
05 January 2024 - 1:30AM
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Adding to the woes of the cryptocurrency market, Dogecoin, the
prominent memecoin with the highest market value, has experienced a
notable setback with a over 10% drop in its price over the last 24
hours. This downturn follows a trend of significant declines
witnessed by the dog-themed altcoin in the previous week. The
current trajectory of DOGE’s price decline raises concerns among
investors and market observers, as it points to potential
challenges and uncertainties surrounding the memecoin’s stability.
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Soars On ‘Super Important’ Label Whale Moves: Dogecoin Uncertainty
Peaks Compounding this situation is the recent activity of large
holders, colloquially referred to as “whales,” who have moved
substantial amounts of Dogecoin – exceeding 600 million DOGE – to
major trading platforms like Binance and Robinhood. 🚨 300,000,000
#DOGE (24,629,096 USD) transferred from unknown wallet to
#Binancehttps://t.co/M3WBb9bPOW — Whale Alert (@whale_alert)
January 4, 2024 The transfer of such significant volumes by
influential holders to popular trading platforms introduces an
element of uncertainty in the market, with the potential to
exacerbate the ongoing decline in Dogecoin’s value. Some 82 million
and 102 million DOGE, or more than $15 million, came from two
secret addresses to Robinhood at the start of the movement. DOGE
currently trading at $0.0824541 territory. Chart: TradingView.com A
little while later, a reversal occurred when 151 million meme
coins, or almost $12 million, went from Robinhood to an
unidentified wallet. The culmination took place when the most
substantial transfer, 300 million Dogecoin valued at $24 million,
was transmitted from an unidentified location to Binance. At the
time of publication on Thursday, the price of DOGE had dropped by
10%, trading at $0.08. Furthermore, the coin’s value has decreased
by roughly 12% over the past seven days. Furthermore, even with the
early gains, the 30-day losses have now reached about 11%. DOGE
30-day price action. Source: Coingecko DOGE Plunge: Market Drop,
Trading Surge When Dogecoin dropped from $0.09 to its current price
in less than two hours on Wednesday, the decline in value grabbed
traction. The market value of the meme coin fell by 9.95% to $11.77
billion as a result of this decline. Its trading volume increased
significantly in the last day, rising 165% to a little over $1
billion, despite the price decline. Related Reading: SEI What?
Token Rules Top 100 Listing With 80% Rally As Crypto Market Wobbles
These sudden movement come at a pivotal moment for Dogecoin. The
much-anticipated DOGE-1 mission, funded entirely by the Dogecoin
community, is set to launch this winter. The CubeSat mission,
developed by Geometric Energy Corporation, marks a historic step
for the cryptocurrency, aiming to collect “lunar-spatial
intelligence” with onboard sensors and a camera. The National
Telecommunications and Information Administration (@NTIAgov), a
Department of Commerce (@CommerceGov) agency, approved DOGE-1
X-Band (0083-EX-CN-2022 on https://t.co/b6iEAYdTPV) 📜 We have yet
to get the FCC license grant which will address X-Band and S-Band
🛰$XI pic.twitter.com/YSJoyLclQk — SΔMUΞL RΞIÐ (e/acc)
(@SamuelReidGEC) November 28, 2023 While the DOGE-1 mission brings
a wave of excitement and publicity, the recent whale activity casts
a shadow of uncertainty. The price drop sparked by the massive
token transfers could be interpreted in multiple ways. Some see it
as shrewd market maneuvering, capitalizing on a temporary dip.
Others worry it may signal a loss of confidence in Dogecoin’s
long-term potential. With the launch date approaching, the
interplay between the whale activity, the DOGE-1 mission, and
broader market trends will be crucial to watch. Can the launch
generate enough positive momentum to counteract the price decline?
Or will the whales’ actions continue to hold the currency hostage?
Featured image from Shutterstock
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