Price: $0.38476 1.6659%
Market Cap: 56.52B 1.7274%
Volume (24h): 8.06B 0.4%
Dominance: 1.7274%
Price: $0.38476 1.6659%
Market Cap: 56.52B 1.7274%
Volume (24h): 8.06B 0.4%
Dominance: 1.7274% 1.7274%
  • Price: $0.38476 1.6659%
  • Market Cap: 56.52B 1.7274%
  • Volume (24h): 8.06B 0.4%
  • Dominance: 1.7274% 1.7274%
  • Price: $0.38476 1.6659%
Home > Information news > Massive Dogecoin Movement to Coinbase Correlates With Price Slip

Massive Dogecoin Movement to Coinbase Correlates With Price Slip

Release: 2024/03/30 17:29 Reading: 613

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/6607d343ad47e931759826b5

Massive Dogecoin Movement to Coinbase Correlates With Price Slip

You can also read this news on BH NEWS: Massive Dogecoin Movement to Coinbase Correlates With Price Slip

Dogecoin, the well-known cryptocurrency originally created as a joke, has seen a price decrease after a significant trading period that elevated its value. The decline occurred as almost 140 million Dogecoin, equivalent to over $30 million, were shifted to Coinbase, a leading cryptocurrency exchange. Analysts regard this hefty transfer as a potential catalyst for the drop in Dogecoin’s value since it suggests a possible sell-off.

Notable Transfer Precedes Dogecoin Price Dip

The blockchain transaction tracker Whale Alert flagged a large transfer of Dogecoin to Coinbase. The sum, 139.99 million DOGE, worth about $30.22 million, was moved amid the digital coin’s depreciation, hinting at a correlation between the influx of tokens to the exchange and the bearish price action. This development comes as an uptick in available DOGE on cryptocurrency exchanges often aligns with a downward price trajectory.

Dogecoin’s Market Sentiment Wanes

Despite the recent downturn, Dogecoin’s price analysis over the long term indicates a potential recovery, moving from a downward to an upward trend. Nevertheless, present market indicators and on-chain data reflect negatively on Dogecoin’s immediate momentum, with analysts observing heightened speculation from traders and investors regarding the coin’s future.

Current trading data echoes this skepticism, revealing a decrease in open interest and a substantial drop in trading volume. These figures contribute to the consensus of a bearish outlook on Dogecoin. Prior to this decline, Dogecoin had breached important resistance levels, reaching a peak not seen in over two years, which fueled investor excitement. In spite of the fall, expectations remain that Dogecoin may reevaluate previous resistance as a support level, potentially climbing to higher price benchmarks. At present, Dogecoin is trading slightly lower, marking a decrease in the past day.

The post first appeared on BH NEWS: Massive Dogecoin Movement to Coinbase Correlates With Price Slip

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