Dogecoin Whales Accumulate 200 Mln Coins, What’s Next?

In a thrilling plot twist witnessed today, April 4, Dogecoin whales appear to have accumulated nearly 200 million DOGE, reverberating a frenzy across the cryptocurrency landscape. This move by the whales, emerging amid a substantial downtrend noted by the token, sparked speculations over a bolstered price action ahead.

Meanwhile, DOGE continued to trade in the red today, moving sideways along the $0.18 mark. Concerning this, the meme coin appears to be finding some support at current prices, preventing it from facing a further slump. However, on-chain data for Dogecoin added a tint of bearish sentiments to the token, pinpointing a downtrend within the broader crypto market.

Dogecoin Whale Accumulation Sparks Curiosity

According to the data revealed by the blockchain tracker Whale Alert, 201.41 million DOGE was accumulated over the past 24 hours via two whales collectively. The first transaction illustrated a whale’s massive 121.41 million DOGE accumulation, worth $20.94 million. Whereas, the second transaction showcased 80 million coins accumulated, worth $13.74 million. Notably, both the transactions took place via Robinhood, a renowned American trading services platform.

???? 121,419,495 #DOGE (20,944,843 USD) transferred from #Robinhood to unknown wallethttps://t.co/hvYaqDHnIm

— Whale Alert (@whale_alert) April 3, 2024

???? 80,000,000 #DOGE (13,749,573 USD) transferred from #Robinhood to unknown wallethttps://t.co/GvNDIDjJy6

— Whale Alert (@whale_alert) April 3, 2024

Meanwhile, these transactions stirred a whirlpool of inferences orbiting a “buying-the-dip” sentiment prevailing among whales. This, in turn, sparked investor enthusiasm over a bolstered price trajectory for DOGE ahead.

Contrastingly, market dynamics and on-chain data for the token conjured a perplexing backdrop surrounding Dogecoin’s price action ahead.

Also Read: Bitcoin Short-Term Investors Lose $5.2B Amid BTC Price Crash

Dogecoin Plunges

As of writing, the Dogecoin token’s price noted a fall of 2.76% in the past 24 hours. The token currently rests at $ 0.181, with its price dropping below this level quite a few times today.

Analysis by CoinGape media earlier spotlighted an 8% bearish turn for DOGE remained poised, coinciding with the token’s continued plunge witnessed in the market today. Moreover, derivatives data unveiled by Coinglass revealed a 5.45% decrease in the token’s open interest, followed by a 27.71% dip in volume. This further underscored a strong downtrend for the dog-based meme token, mirroring the fall in DOGE price.

However, technical indicators showcased a buying sentiment in the market, with the RSI hovering at 51. This undermined DOGE’s bearish movement today, signaling a neutral sentiment for DOGE and some buying pressure in the market. Should this buying pressure increase, DOGE’s fall could be further cushioned, while the massive whale accumulations further align with this and spark speculations over a bolstered price action ahead.

Also Read: Bitcoin Cash Price Up 10% After Halving, Bitcoin Halving Hype Grows

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