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In a significant show of whale activity, over 580 million Dogecoin were moved, igniting speculation on DOGE's recovery prospects amid a broader market correction. This movement comes as the crypto community watches for signs of a rebound following recent price dips, marking a pivotal moment for the meme-based cryptocurrency.
Massive Whale Transactions Spark Debate on Dogecoin's Price Amid Market Corrections
Dogecoin, one of the most well-known meme-based cryptocurrencies, drew significant investor interest today, April 3, as the token recorded massive whale transactions. According to CoinGape, these transactions, as DOGE fell to $0.18, sparked speculation about DOGE's future price action.
Following massive liquidations and market corrections, Dogecoin recently experienced a significant drop in value. With on-chain whale activity burgeoning for the token, investors speculate on Dogecoin's price as the BTC halving date approaches. Intriguingly, Bitcoin's pre-halving correction adds to the drop witnessed by altcoins, as DOGE reflected, mirroring the market's overall downtrend.
Whale Alerts: Mixed Sentiment in Dogecoin Market as Hundreds of Millions DOGE Shift
According to data from the blockchain tracker Whale Alert, a staggering 583.75 million DOGE have been moved in the last 24 hours. Notably, these whale transactions demonstrated dumps to exchanges and accumulation by whales in hand, indicating mixed market sentiment.
According to a data report, an unknown wallet on Robinhood accumulated 229 million DOGE, worth $42.95 million, while another whale dumped 60.26 million coins, worth $11.14 million, into the same CEX. Similarly, Coinbase, one of the leading CEXs, accumulated 58.81 million DOGE, worth $11.03 million, while another whale dumped 234.68 million DOGE, worth $43.61 million, into the same. This collectively hinted at mixed sentiment among whales, creating an uncertain scenario for Dogecoin's future price action.
Meanwhile, market dynamics for the meme coin drew significant attention, demonstrating a bearish trend prevailing over the token.
Dogecoin Faces Downward Pressure Amid Market Correction and Analysts' Bearish Predictions
As of this writing, the Dogecoin token's price had dropped 1.37% in the previous 24 hours to $0.184. As previously mentioned, this massive drop coincides with recent market corrections.
Coinglass reported a 4.47% drop in the token's open interest and a decrease in the OI-weighted funding rate to 0.0197%. As of press time, the token had taken a bearish stance, implying that investors were less willing to invest in long positions, accompanied by a loss of interest in the asset.
Furthermore, CoinGape Media's analysis revealed another intriguing phenomenon: the dog-based meme token experienced significant selling pressure at the $0.22 mark, resulting in a phenomenal price decrease to now trade at $0.18. According to the analysis, DOGE's peak has formed a double-top pattern on the 4-hour chart, exacerbating traders' bearish sentiment.
If supply pressure persists, the DOGE price may fall by nearly 8% to test the combined support of the ascending trendline and the 38.2% Fibonacci retracement level at $0.17. Nonetheless, crypto market enthusiasts keep a close eye on the token as BTC halving approaches and historical data shows altcoins mimicking BTC's price movements.
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