Dogecoin Whales Shift 276M DOGE Sparking Speculation, $1 Rally Hits A Wall?

In an intriguing turn of events, following a substantial rally witnessed by Dogecoin recently, three noteworthy whale transactions surfaced across the broader crypto market, showcasing the reshuffling of a staggering 276.06 million DOGE. These transactions promptly gained significant traction among crypto market fanatics globally as DOGE’s run past the $0.1 mark painted a bullish climate for the meme coin in recent days.

However, DOGE traded in the red as of press time, birthing speculations over the whale activity’s potential impact on the meme coin’s price. Derivatives data unveiled by Coinglass further curated speculations over a downtrend prevailing within the market, reflecting DOGE’s dip.

DOGE Whale Transactions: A Closer Look

According to the data revealed by the blockchain tracker Whale Alert, three massive whale transfers collectively aided in the shuffling of 276.06 million DOGE, showcasing accumulations and a dump parallelly. This showcased a mixed sentiment among whales orbiting the meme coin, adding further inferences among crypto market traders and investors.

Two unknown wallets accumulated 222.07 million DOGE from Robinhood, whereas an unknown wallet dumped 53.99 million DOGE to Coinbase, a leading cryptocurrency exchange.

Meanwhile, the accumulations fell in line with technical indicators indicating a buy signal in the market, per data by Trading View. Whereas, the dump fueled speculations over DOGE’s bearish run today.

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Dogecoin Dips

As of writing, Dogecon’s price traded in the red, illustrating a drop of 6.79% in the past 24 hours. The current price rests at $0.1209, with a 24-hour trading volume plunge of 24.10%.

This drop further aligns with derivatives data hinting at a downtrend for the meme coin in the market. Coinglass’ data showcased a 9.25% drop in the token’s open interest, whereas the volume dropped 13.85%, hinting at decreased market activity.

The drop in OI-weighted funding rate for the meme token, from 0.1485 to 0.1184%, further birthed speculations over decreased readiness among traders to invest more in long positions. This comes as a hurdle on DOGE’s path to $1, however, with the significant whale accumulations weighing in, crypto market sentiments still appear to be riding the wave of ‘buy the dip,’ adding up to the torrent of speculative buzz orbiting Dogecoin.

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