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The price of Dogecoin could face selling pressure after a whale transferred 1.74 billion DOGE to Robinhood in six separate transactions, signaling a possible profit-taking strategy amid the crypto market’s latest rally.
Potential Sell Pressure Builds After Major Whale Transfer
After a whale sent 1.74 billion DOGE ($278 million) to Robinhood, the price of Dogecoin could fall. Using on-chain data, the whale invested 290 million DOGE coins in each of the six transactions that made up the whale's transfer activity.
The magnitude of these DOGE transfers to the leading cryptocurrency exchange is substantial, and the potential impact on the meme coin's value is substantial as well. Coin holders who send their holdings to exchanges are usually trying to unload their holdings, which is a pessimistic sign.
Given the significant gains recorded by Dogecoin pricing following the current crypto market rise, it is quite probable that this whale is seeking to cash out, Coingape explains. Over the past week, the leading meme coin has seen a price increase of more than 19%.
Dogecoin Price Benefits from Musk's Indirect Support and Bitcoin's Rise
Elon Musk's indirect support for the meme currency through the D.O.G.E. has contributed to its recent price spike. As the flagship cryptocurrency retests its all-time high (ATH) of $73,700, DOGE is also up, courtesy of the Bitcoin price increase.
A optimistic prognosis persists for the Dogecoin price notwithstanding the possibility of sale pressure. A historical indicator suggests that November may initiate a DOGE parabolic bull run, according to crypto expert Ali Martinez's X post. He cautioned investors to wait for a closing price above $0.20 before acting.
Dogecoin's Historical November Volatility: Gains and Losses
The top meme coin has always had a mixed November, according to historical data from Cryptorank. While DOGE's price increased by 22% in November 2023, it has only shown positive monthly returns since 2013.
Dogecoin, meantime, is trading in a bullish zone according to current market mood in the cryptocurrency industry. With the election of pro-crypto Donald Trump as the next US president, the all-time high (ATH) of Bitcoin is likely to be surpassed soon.
