Price: $0.19143 -2.8767%
Market Cap: 28.08B 1.1252%
Volume (24h): 4.45B 0.2%
Dominance: 1.1252%
Price: $0.19143 -2.8767%
Market Cap: 28.08B 1.1252%
Volume (24h): 4.45B 0.2%
Dominance: 1.1252% 1.1252%
  • Price: $0.19143 -2.8767%
  • Market Cap: 28.08B 1.1252%
  • Volume (24h): 4.45B 0.2%
  • Dominance: 1.1252% 1.1252%
  • Price: $0.19143 -2.8767%
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

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.