Dogecoin Whale Dumps 140 Mln DOGE As Price Takes Bearish Turn, What’s Next?

In an unprecedented turn of events, following a remarkable price rally witnessed by Dogecoin, one of the most popular meme-based cryptocurrencies, the token now appears to be facing a correction phase in the market. This piqued the interest of crypto market enthusiasts across the globe as DOGE’s price noted a slip below the $0.22 mark recently, with today’s massive DOGE dump to a CEX further weighing in.

Insights revealed by the blockchain tracker Whale Alert illustrated nearly 140 million DOGE offloaded amid Dogecoin’s today’s bearish turn. This promptly gave rise to a tidal wave of speculation surrounding the meme-based token’s potential price action ahead.

Whale Dump Adds Bearish Tint To DOGE

According to Whale Alert’s insights, 139.99 million DOGE, worth $30.22 million, was shifted to Coinbase in the past 24 hours. Resulting in DOGE supply gains on exchanges, this dump further fell in line with DOGE’s bearish turn, per CoinMarketCap’s data.

🚨 🚨 139,999,966 #DOGE (30,224,819 USD) transferred from unknown wallet to #Coinbasehttps://t.co/5vGqsPA5eb

— Whale Alert (@whale_alert) March 29, 2024

Intriguingly, while today’s price correction and the aforementioned dump added a bearish splash to Dogecoin, the meme token’s broader charts contrastingly illustrated signs of sustained upward momentum, gradually shifting from a downtrend to an uptrend, defined by a U-shaped recovery.

This stirred a whirlpool of speculation among crypto market traders and investors globally, as on-chain market dynamics further showcased a downtrend for DOGE.

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Dogecoin’s Price Slips

As of writing, the Dogecoin token’s price has dropped 1.62% in the past 24 hours and is currently resting at $0.2125. Notably, the meme coin’s charts illustrate that the token witnessed quite a flux over the past day, nabbing investor attention.

Meanwhile, the derivatives data showcased a 3.08% drop in the open interest and a 46.28% dip in volume, flagging to the token’s downtrend in the market. However, analysis by CoinGape Media spotlighted a crucial movement showcased by Dogecoin.

Notably, the token recently broke the resistance of $0.206 to hit a 28th-month high of $0.2288, fueling investor enthusiasm. However, following corrections witnessed, as mentioned above, the DOGE price will likely retest the breached resistance and potential support. Simultaneously, a sustained breakout could cushion buyers to pursue a possible target of $0.27, escorted by $0.3.

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