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

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

Dogecoin has once again garnered significant attention within the global crypto realm, with remarkable whale activity surrounding the token amidst its ongoing price fluctuations. According to blockchain data emerging from the crypto market, approximately 456 million DOGE was transferred to Coinbase today, triggering a sense of caution among DOGE traders and investors.

This transfer of DOGE to Coinbase suggests a substantial offloading of Dogecoin by whales, sparking speculations about a potential decline in interest in the asset among these large-scale investors. This event has raised concerns regarding the trajectory of DOGE's price in the future, with on-chain data presenting an uncertain outlook for the token's upcoming journey.

Dogecoin Whale Transactions Ignite Bearish Sentiments

Data from Whale Alert, a blockchain tracking platform, revealed two major DOGE whale transactions on April 26th. These transactions collectively attributed to the transfer of 456.82 million DOGE to a CEX. Both transactions involved the transfer of DOGE tokens to Coinbase, a globally renowned cryptocurrency exchange.

The first transaction involved 228.10 million DOGE, valued at $34.34 million, transferred by an unknown whale to Coinbase. Similarly, the second transaction showcased 228.72 million DOGE, valued at $34.43 million, transferred by another unknown whale to the same exchange.

These whale transactions have fueled some bearish market sentiment, as the token's supply on exchanges has increased, while whales have demonstrated a loss of confidence in the asset.

DOGE Price Jumps, What's Next?

At the time of writing, the Dogecoin price has experienced a slight increase of 0.36% over the past 24 hours and is currently trading at $0.1501. This modest price increase has garnered significant attention among crypto market traders and investors, as it contrasts with the prevailing bearish market sentiment and on-chain data.

Coinglass highlighted a 35.04% decrease in the token's derivatives volume, accompanied by an open interest decrease of 0.02%. This suggests a significant reduction in the token's market activity, with investors closing their DOGE positions.

When combined with the aforementioned massive dumps, the derivatives data indicates a bearish market sentiment for Dogecoin, with investors expecting a downward movement for the token in the short term. However, some optimism remains regarding the token's price trajectory in the long run, with DOGE anticipated to follow Bitcoin's parabolic uptrend post-halving.