Dogecoin Whale Sells 118 Mln Coins Amid DOGE’s Dip To $0.15, What’s Next?

In a thrilling plot twist witnessed recently, a Dogecoin whale’s massive selloff appears to be garnering significant attention among crypto market traders and investors globally as DOGE recently dropped to the $0.15 mark, following a notable upward momentum showcased in the past few days. Aligning with a substantial crypto market crash witnessed yesterday, resulting from colossal selloffs, this DOGE offloading chronicle birthed bearish sentiments on one of the most prominent meme coins globally.

Dogecoin Whale’s Offloading Mirrors Bearishness

According to the insights unveiled by the blockchain tracker Whale Alert, a whopping 118.40 million DOGE, worth $19.75 million, was noted to be shifted to Robinhood by an unknown wallet address today, March 16. This selloff birthed a tidal wave of bearishness on Dogecoin, aligning with its recent fall, as the transaction also showcased the whale’s loss of confidence in the abovementioned asset.

Meanwhile, with speculations of a potential meme coin rally end hovering over the crypto horizon, as the majority of meme tokens noted a dip in recent days, this selloff added up to the tidal wave of bearish thoughts on the Elon Musk-supported meme coin.

While, in the interim, market dynamics for DOGE further fueled speculations over a continued slump ahead.

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Dogecoin Slips

As of writing, Dogecoin’s price noted a substantial drop of 4.17% over the past 24 hours and is currently resting at $0.1604. The meme token even slipped as low as $0.15 today, alarmingly piquing worldwide attention. With the whale’s selloff further weighing in, a bearish sentiment for the token prevails within the broader crypto market.

Derivatives data highlighted by Coinglass additionally showcased bears taking control, as the open interest and volume dropped 6.32% and 48.57% simultaneously. This hinted at decreased market participation among investors, accompanied by a potential lack of confidence in DOGE’s short-term prospects, adding up to negative sentiments in the market.

Meanwhile, the RSI hovering somewhere around 58 signaled that the asset may not be overbought or oversold. This, coupled with derivatives data and a price fall, pointed to a cautious outlook for the asset in the near term, with bears currently dominant.

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