DOGE Coin: Whales Transferred 1 Billion Coins on Tuesday

• 1 On Tuesday a whale transferred a significant amount of DOGE coins.
• 2 Crypto whales are the people who have a significant amount of holdings
• 3 The DOGE coin price has been bearish for 2 weeks after touching a supply zone.

Dogecoin (DOGE/USDT), a meme coin that is well-known in the cryptocurrency community, witnessed a notable boost in attention. It was due to a sizable transfer made by a crypto whale on Tuesday. 

Furthermore, on-chain statistics showed that around 1 billion DOGE were exchanged in the larger cryptocurrency market, sparking rumors about the token among aficionados.

What are Cryptocurrency whales?

Crypto whales are individuals or groups with large amounts of cryptocurrency holdings that can influence the market by buying or selling significant assets, causing price fluctuations. 

These traders are associated with extreme volatility in the bitcoin industry, and investors monitor them closely to make informed decisions. 

To be considered a whale, a crypto holder must possess a significant percentage of a particular cryptocurrency’s total supply and can impact price movements through their trades. According to Whale Alert, a substantial transaction occurred on December 26, with a whale transferring 999.99 million DOGE valued at $91.19 million at the time.

Technical Analysis & Prediction of the DOGE Coin Price 

At the time of writing, the DOGE coin price had fallen by 11% in the past 2 weeks and is trading at $0.0907. In addition to this, the support levels for the DOGE coin are at $0.0712 and $0.0578. However, before those levels, the 50-day EMA could provide some cushioning. The token’s market cap also reflected the price drop, showing a marginal decrease of 0.7% and a current valuation of $13 billion. 

Similarly, bullish investors can face price rejections at levels near $0.1022 and $0.1413.  The 24-hour trading volume had increased significantly, showing a 34% surge over the past day. At press time, the RSI is seen coming down from the overbrought level of 70. It has also caused a bearish crossover with the SMA indicating that the bullish strength has fallen.  

Conclusion

A crypto whale’s transfer boosted attention on Dogecoin (DOGE/USDT) on Tuesday. The token’s market cap decreased by 0.7%, and the 24-hour trading volume surged by 34% over the past day. The current resistance is strong for the bullish investors while the support is 50-day EMA.

Technical Levels

• Support Levels:  $0.0712 and $0.0578
• Resistance Levels: $0.1022 and $0.1413

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.