Dogecoin Attracts Investor Attention with Whale Transactions

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Crypto currency world witnessed a remarkable date where the most famous meme token Dogecoin (DOGE), drew attention today, April 3rd, due to significant whale transactions, becoming the center of interest for investors. These transactions, which emerged while DOGE‘s price fell to $0.18, led to a series of speculations surrounding the upcoming price movement of DOGE.

Whale Activity in DOGE

Following major liquidations and market corrections, Dogecoin has recently experienced a significant decline. As on-chain whale activity for the token increases, investors speculate about Dogecoin’s price as the BTC halving approaches. The correction before Bitcoin‘s halving, as reflected by DOGE, contributes to the decline witnessed by altcoins and may indicate a broader downtrend in the market.

According to data highlighted by Whale Alert, which tracks crypto currency whales, 583.75 million DOGE were on the move in the last 24 hours. These whale transactions, particularly, revealed mixed sentiments in the market by showcasing the accumulation of whales and transfers to exchanges. According to the data, 229 million DOGE worth $42.95 million were accumulated in an unknown wallet of Robinhood, while another whale transferred 60.26 million tokens worth $11.14 million to the same CEX.

Uncertainty in Dogecoin

Similarly, at one of the leading CEXs, Coinbase, 58.81 million DOGE worth $11.03 million were accumulated, while another whale transferred 234.68 million DOGE worth $43.61 million to the same location. This situation collectively indicated mixed feelings among whales and led to the formation of an uncertain scenario around Dogecoin’s upcoming price movement.

Moreover, the market dynamics for the meme token became even more noticeable, indicating a downward trend for the token. At the time of writing, Dogecoin’s price had recorded a 1.37% decrease over the last 24 hours, currently sitting at $0.184. This significant drop followed the recent market corrections, as mentioned above. Concurrently, Coinglass revealed a 4.47% decrease in the token’s open positions and the OI weighted funding rate also dropped to 0.0197%. The token, indicating a reduced readiness among investors to invest in long positions, showed a downward trend along with a loss of investor interest in the asset.