Whales Move 456 Mln DOGE To Coinbase, Price At Risk?

Dogecoin has once again attracted a lot of attention in the global cryptocurrency space due to the incredible whale activity surrounding the token during the current price fluctuations. Approximately 456 million DOGEs were transferred to Coinbase today, per blockchain data surfacing within the crypto market, creating alarm among DOGE traders and investors.

DOGE’s move to Coinbase reflects a history of significant offloading of Dogecoin by whales, resulting in speculation about a possible loss of interest in the asset among these large investors. Ta. This event raised serious concerns about the future DOGE price trajectory, with on-chain data painting an uncertain picture about the token’s future development.

Let’s take a look at Dogecoin’s current market dynamics and what it suggests about the price movement of the world’s most popular dog-based meme crypto.

Dogecoin whale trade fuels bearish sentiment

Notably, data from blockchain tracking platform Whale Alert revealed two large DOGE whale transactions today, April 26, resulting in a total of 456.82 million DOGE being transferred to CEX. It’s possible. Both transactions show his DOGE tokens transferred to Coinbase, a world-famous cryptocurrency exchange.

The first transaction showed 228.1 million DOGE (valued at $34.34 million) transferred to Coinbase by an unknown whale. Similarly, the second transaction revealed his 228.72 million DOGE (valued at $34.43 million) transferred to the same exchange by another unknown whale. These whale trades rode some bearish market sentiment as the supply of tokens on exchanges surged, but the whales showed a loss of confidence in the asset.

However, despite extremely volatile movements over the past day, DOGE has managed to trade in the green at the time of writing, in stark contrast to the market’s bearish stance coinciding with today’s whale trade.

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DOGE price skyrockets, what’s next?

At the time of writing, Dogecoin price has increased slightly by 0.36% in the past 24 hours and is currently trading at $0.1501. This slight increase in the token’s price trajectory appears to be attracting a lot of attention among traders and investors in the cryptocurrency market as it contrasts with the usual market sentiment and on-chain data.

Coinglass noted a 35.04% decline in the token’s derivatives trading volume with an open interest slip of 0.02%. This suggests that investors have further reduced market activity for the token. DOGE position.

Coupled with the massive sell-off mentioned above, derivatives data indicates that market sentiment on Dogecoin is bearish, and investors are expecting a bearish move for Dogecoin in the near term. However, there is a tidal wave of optimism surrounding the token’s price trajectory in the long term, as DOGE is expected to mimic Bitcoin’s parabolic uptrend post-halving.

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