Price: $0.39343 2.2255%
Market Cap: 57.79B 1.7545%
Volume (24h): 8.58B 0.4%
Dominance: 1.7545%
Price: $0.39343 2.2255%
Market Cap: 57.79B 1.7545%
Volume (24h): 8.58B 0.4%
Dominance: 1.7545% 1.7545%
  • Price: $0.39343 2.2255%
  • Market Cap: 57.79B 1.7545%
  • Volume (24h): 8.58B 0.4%
  • Dominance: 1.7545% 1.7545%
  • Price: $0.39343 2.2255%
Home > Information news > Whale Transactions Set Dogecoin Market Abuzz

Whale Transactions Set Dogecoin Market Abuzz

Release: 2024/03/01 18:35 Reading: 947

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/65e1a5d3cdc67651cc4c4295

Whale Transactions Set Dogecoin Market Abuzz

You can also read this news on BH NEWS: Whale Transactions Set Dogecoin Market Abuzz

Dogecoin, the cryptocurrency inspired by a viral meme, has once again become the center of attention due to a sudden increase in its value. In the midst of its surging price, observers have noted three substantial transactions involving more than 270 million DOGE, leading to widespread speculation within the crypto community.

Whale Movements Coincide with Price Spike

The recent leap in Dogecoin’s price over the $0.1 threshold has coincided with notable whale activity. Crypto watchers have spotted significant transactions that suggest both accumulation and distribution of large amounts of DOGE. Specifically, two unidentified wallets have acquired a combined total of 222.07 million DOGE from the popular trading platform Robinhood. Concurrently, another wallet has moved 53.99 million DOGE to Coinbase, a leading crypto exchange, presumably for sale.

This flurry of whale transactions has ignited conversations about the future direction of Dogecoin’s market value, with various stakeholders analyzing the potential implications of these large-scale trades.

Market Indicators Suggest Cautious Outlook

Amidst the discussion of whale activities, Dogecoin has experienced a downturn, now trading in the red. This negative movement is mirrored by concerning data from the derivative markets. Coinglass reports a pessimistic sentiment, highlighting a 6.79% dip in DOGE’s value in the past day, bringing its current price to $0.1209.

Furthermore, the market downturn is accompanied by a general decline in trading activities, as Coinglass data reveals a 9.25% fall in open interest for Dogecoin, alongside a 13.85% slump in trading volume. The weighted funding rate for open positions in Dogecoin has also decreased, signaling a lower propensity among traders to initiate long positions during this period.

The post first appeared on BH NEWS: Whale Transactions Set Dogecoin Market Abuzz

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.