- Whale transfers totaling over 312 million DOGE to Coinbase raise speculation of large-scale repositioning in the market.
- Dogecoin price retreats 3.43% to $0.1939 amid the movement of large amounts into centralized exchanges.
- Trading volume plummets by 26.15%, pointing to declining market activity following high-value DOGE transactions.
Three large Dogecoin transactions totaling 312,375,048 DOGE, valued at around $60 million, were flagged by crypto tracking platform Whale Alert. All transfers involved identical amounts and were sent from previously unidentified wallets to Coinbase, a major cryptocurrency exchange. These movements occurred in rapid succession within the same hour, beginning at 8:40 PM WAT.
The significant transfers of Dogecoin from unknown sources to a centralized exchange raised market interest. Activity of this scale often suggests potential sell-side pressure. Each transaction was independently confirmed and posted by Whale Alert, with links to blockchain data for public verification.
Dogecoin Price Drops 3.43% After Transfer Activity
Following the high-volume transactions, Dogecoin saw a decline in price. According to CoinMarketCap, DOGE traded at $0.1939, reflecting a 3.43% decrease within 24 hours. The price had recently peaked at $0.2001 but dropped below the $0.19 mark before stabilizing. The price movement suggested the market was attempting to maintain support above this level.
The trading volume for Dogecoin dropped to $1.73 billion, a sharp fall of 26.15% compared to the previous day. The decline in volume suggested less trading activity and possibly reduced investor participation following the whale transactions. Reduced liquidity can often magnify short-term price fluctuations.
Technical Indicators Highlight Uncertain Momentum
Market data from TradingView presented mixed signals for Dogecoin’s direction. The MACD line continued to show negative values, indicating downward momentum. The Relative Strength Index (RSI) was recorded at 32.97, just above the earlier value of 28.58. While it indicated weak buying strength, it remained above oversold conditions.
The overall reading for the Average Directional Index (ADX) was 43.14, which points to a strong trend. Many traders think that a reading above 25 confirms that the momentum is still strong. With this strong trend continuing and prices adjusting further, nearby gains or losses could happen depending on volume and market mood.
