You are here: Home/ News/ DOGE Whale’s Massive 300 Million Token Transfer To Binance Triggers 6% Price Drop: What’s Next For Dogecoin?
Whale Alert, a well-known platform for monitoring crypto transactions, has recently announced that an unidentified individual with a large amount of Dogecoin moved nearly 300 million coins, equivalent to $21,733,783, to the Binance exchange.
Another cryptocurrency tracking service, @DogeWhaleAlert, identified additional DOGE transactions that exceeded the previously mentioned transfer. Two of these transactions were also sent to Binance. It is worth noting that the coin experienced a slight decrease in value over the past 24 hours
Large DOGE Transactions: 355 M To Binance, 286 M Between Top Wallets
In addition to the 300 million DOGE transfer, other anonymous transactions were identified. These transfers included 29,784,022 and 25,000,858 DOGE sent to Binance wallets. These transactions are valued at nearly $4 million in fiat currency.
Aside from the previously mentioned transactions, @DogeWhaleAlert also revealed that in the last 24 hours, the top 20 wallets sent 286.4 million DOGE in three chunks: 83,123,858, 101,573,521, and 101,815,567. In fiat currency terms, this is equivalent to $20.6 million.
DOGE Coin Price Reaction
The DOGE price decreased by almost 8% on May 8. Nevertheless, earlier today, the meme coin was able to make a slight recovery, increasing by 2.13%. As a result, its overall decline over the past 24 hours was approximately 6%.
DOGE’s chart doesn’t appear attractive right now, with its relative strength index (purple) falling from 50 to almost 30 just a few days ago.
Similarly, DOGE’s 30-day moving average (Yellow) has just fallen below its 200-day moving average (Blue), signaling that further losses are coming.
This concern is heightened by the continuous collapse of DOGE’s support level (Green), which went through the critical level of $0.075 yesterday, implying more losses.
On the other hand, DOGE’s 24-hour trading volume has surged to $600 million, partly because so many holders are selling right now.
Given these facts, DOGE is anticipated to fall from its present level to $0.070 in the next few days, at which time it will be oversold and may mount a recovery.
DOGE Coin Relies On Elon Musk’s
Of course, the issue with Dogecoin is that it is way too reliant on Elon Musk for its growth. The Twitter owner hasn’t said much about his ostensibly favorite cryptocurrency recently.
The Dogecoin community is optimistic that Twitter will accept cryptocurrency, including DOGE payments. However, this might be a long way off, and there’s no assurance that DOGE will be given preferential treatment over other cryptos.
However, if DOGE does come to Twitter, it will surely boost the meme token’s price and cause it to lose the decimal place it has gained since the end of last year.
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Dogecoin, a popular meme cryptocurrency, just witnessed a massive 300 million token transfer by a known whales’ wallet to the popular cryptocurrency exchange Binance, leading to a price drop of around 6%. But what’s next for Dogecoin?
The large amount of Dogecoins has been transferred to Binance’s address, sending shockwaves to the crypto-community and causing a significant drop in the Dogecoin price. This large transaction has happened in two batches of different amounts, and since the transaction, the price of Dogecoin has fallen by 6%.
The timing of the transfer has fueled speculation among investors and traders about the possibility of a ‘whale’ investor conducting a sell-off of their Dogecoins. Whales are large holders of digital assets and their actions can affect the price of cryptocurrencies in dramatic ways.
The Dogecoin community is now wondering what the future of their beloved cryptocurrency is, and what will happen next for Dogecoin.
At the time of writing, Dogecoin is trading around $0.0056 and has recently seen an increase in its market capitalization to $6.72 billion. The crypto-asset has gone through a bull run since January 2021, with its price rising from around $0.008 to nearly $0.088 at its peak in mid-May.
In spite of the current price drop, Dogecoin continues to be one of the top cryptocurrencies in terms of market capitalization, and many believe that its price will trend high in the coming weeks and months.
However, there are still many uncertainties in the air, so investors are advised to conduct thorough market research before making any investment decisions.
Until then, the Dogecoin community will be eagerly waiting to see what’s next for Dogecoin and whether this large transfer had any real implications for the cryptocurrency.
