Whale Alert, a prominent crypto and blockchain tracking platform, has a major DOGE investment Dogecoin market has seen a big change compared to yesterday. This huge investment, which consisted of more than 70 million DOGE tokens, was transferred by an anonymous whale to Binance, the world's largest crypto exchange. In addition, Dogecoin's high trading is coming on the heels of a recent 10%. price crash in a meme coin.
Whales transfer over 70 million Dogecoin to Binance
It could be the number of Dogecoin shares currently traded it scared him among investors, like DOGE whales suddenly selling their holdings. With analysts and traders expressing hope for the price of Dogecoin to come, there are many of them the voice frustration and concern about the ongoing DOGE sales, fearing further delays in the market movement.
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Specifically, Whale Alert spot Dogecoin material movement on January 7th. The cryptocurrency controller reported that about 70,081,124 DOGE tokens were transferred by an anonymous whale to Binance. This large investment, worth more than $27.6 million, has caught the attention of the crypto market, as most large-scale whale transactions often do.
Usually, when assets are transferred from a wallet to a crypto exchange, it indicates an opportunity for sale. This is because investors often transfer their holdings to crypto platforms like Binance when they expect eliminate their positions.
The recent 70 million DOGE move is a potential large scale market move lead to more variabilitywhich could trigger further declines for Dogecoin. At the time of writing, CoinMarketCap data shows that the The exchange rate of Dogecoin has decreased to tala has changed so far +11.2% in the last 24 hours. Considering the sensitivity of the meme base to small changes in market trends, additional selling could exacerbate fears of another decline, which could send even more. The exchange rate of Dogecoin has decreased to tala.
In particular, the crypto analyst Ali Martinez reported on X (formerly Twitter) that Dogecoin TD stock price history displays a sell signal on his daily chart. With this development, Martinez says that a Dogecoin price correction should be expected, as widespread meltdowns often lead to declines.
MONITOR WARNING AGAINST DOGE SALES
After breaking out of this Ascending triangleDogecoin seems to have returned to the apex, testing it as a new support area and aiming to bounce this level to continue the upward trend. Tardigrade Crypto Trader Analyzer divided chart on X, indicating that the top of the Ascending Triangle could be the starting point for a Dogecoin price rally, with the ability to reach a new ATH to buy for 0.95 US dollars.
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As a result, Dogecoin investors are urged to stay on track as the meme coin goes through this critical phase of price action. Trader Tardigrade has emphasized that now is not the time to sell DOGE prematurely or short, as that could lead to missing out on the projected price increase to a new ATH.
Featured image created by Dall.E, chart from Tradingview.com
