Dogecoin whales move 276M DOGE amid price drop, Buy the dip?

Meme coins bag big as the crypto market witnessed a huge amount of inflow in recent days. However, Dogecoin (DOGE), which was struggling over the past year, recorded three heavy transactions. These whales’ activity of moving 276.06 million DOGE caught the attention of many crypto enthusiasts. This happened as Dogecoin’s value went past $0.1, making people bullish about the future of this meme coin, just like Shiba Inu.

As of now, DOGE is trading in red leading to speculations about how the recent big whale transactions might affect its price. Data from Coinglass, which tracks crypto derivatives, suggests that the market might be heading downward reflecting Dogecoin’s decline.

Whale Alert reports three major transactions involving 276.06 million Dogecoins recently. These transactions show that some big holders were both buying and selling DOGE at the same time. All these activities have gotten people wondering what’s next.

Specifically, two unknown wallets bought 222.07 million Dogecoins from Robinhood, a popular trading platform. At the same time, another unknown wallet sold 53.99 million Dogecoins to Coinbase, one of the biggest crypto exchanges.

Experts looking at technical indicators on platforms like Trading View have noticed signals suggesting that it might be a good time to buy DOGE. Despite that, the huge DOGE sale has sparked speculation about whether or not its value will fall further today.

At the moment, DOGE’s price has fallen by 6% over the last day putting it in the red. The current price is $0.1213, and the trading volume over the past 24 hours has decreased by 29.77%, according to coin market cap data. As per the derivatives, the meme coin might be headed for a downward trend.

The memecoin market does not seem to be as much bullish anymore, just on 29th Feb SHIB had seen a substantial surge. Right now the market seems to be down with a total market cap printed red at 7% and the trading volume down by 36%. SHIB is also currently at a 24hr low of 6.22%, trading at $0.00001281. 

On the other hand, the global market cap stands at $2.29 trillion, marking a slight decrease of 1.15% within the last day. Over the past 24 hours, the total trading volume in the market amounts to $136.97 billion, indicating a decline of 32.52%. 

Bitcoin’s dominance currently stands at 52.83% showing a slight decrease of 0.42% throughout the day. Despite these fluctuations, the fear and greed index reveals an extreme greed sentiment, reaching a point of 85.

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