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Tag: Doge price

  • Dogecoin Whales Are Moving Millions Of Dollars – Here’s Why

    Dogecoin Whales Are Moving Millions Of Dollars – Here’s Why

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    On-chain data from whale transaction tracker Whale Alerts has revealed multiple transfers of Dogecoins changing hands between unknown whales and crypto exchanges Binance and Robinhood. Large whale transfers such as this one, which collectively amounted to 1.88 billion DOGE tokens throughout the week, tend to catch investors’ attention over their motives. But this elaborate shuffle between whales could be attributed to the approaching DOGE-1 space mission to take Dogecoin to the moon.

    Dogecoin Whales Transfer Millions Of Dollars

    Whale Alert showed whales moving large transfers to and from Binance, Robinhood, and unknown wallets totaling more than 1.88 billion Dogecoin. Large transfers kickstarted on the first day of the month with a transfer of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker reported a flurry of large transfers on January 3, starting with a transfer of 82 million DOGE worth $6.74 million to Robinhood. In less than 15 minutes, another whale wallet made a transfer of 102 million DOGE tokens worth $8.4 million to Robinhood. Hours later, a reverse transaction occurred, with 151 million DOGE tokens worth $12.4 million making their way out of Robinhood to a private wallet.

    Whale transfers continued into January 4 with hundreds of millions of DOGE in each transfer. The first transaction of the day was 300 million DOGE worth $24.6 million sent from an unknown wallet to crypto exchange Binance. Hours later, 307 million DOGE worth $25.4 million were exchanged between unknown wallets. At the same time, another alert revealed that unknown wallets had participated in the exchange of 883 million DOGE tokens, which had a total value of $72.9 million.

    DOGE market cap currently at $11.486 billion. Chart: TradingView.com

    https://x.com/whale_alert/status/1742916334344655174?s=20 

    Possible Explanation Behind The Whale Transfers

    The whale activity comes against the backdrop of the planned mission to take DOGE to the moon. The planned mission called DOGE-1 was paid exclusively with Dogecoins and initially planned to take place in December 2023. However, Intuitive Machines, the company behind the launch in partnership with Space X, postponed the launch date to sometime in mid-February 2024.

    The launch of DOGE-1 mission was first announced by Elon Musk on Twitter (now called X) on May 9, 2021, and has since been approved by the NTIA and FCC. The main purpose of the mission is to broadcast art inspired by Dogecoin on the Doge-1 satellite, which will be orbiting the Moon. The satellite will be carried by a Space X rocket and the Dogecoin-inspired art will be broadcast to Earth. It’s been anticipated that the mission, if eventually carried out, will contribute to a DOGE price surge. 

    The price of DOGE has reacted negatively to the movements, as the crypto is down by double digits in the past week. At the time of writing, DOGE is trading at $0.07973, down by 12% in a 7-day timeframe.

    Featured image from iStock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Is This The End Of Dogecoin? Whales Dump 600 Million Coins

    Is This The End Of Dogecoin? Whales Dump 600 Million Coins

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    Adding to the woes of the cryptocurrency market, Dogecoin, the prominent memecoin with the highest market value, has experienced a notable setback with a over 10% drop in its price over the last 24 hours. This downturn follows a trend of significant declines witnessed by the dog-themed altcoin in the previous week.

    The current trajectory of DOGE’s price decline raises concerns among investors and market observers, as it points to potential challenges and uncertainties surrounding the memecoin’s stability.

    Whale Moves: Dogecoin Uncertainty Peaks

    Compounding this situation is the recent activity of large holders, colloquially referred to as “whales,” who have moved substantial amounts of Dogecoin – exceeding 600 million DOGE – to major trading platforms like Binance and Robinhood.

    The transfer of such significant volumes by influential holders to popular trading platforms introduces an element of uncertainty in the market, with the potential to exacerbate the ongoing decline in Dogecoin’s value.

    Some 82 million and 102 million DOGE, or more than $15 million, came from two secret addresses to Robinhood at the start of the movement.

    DOGE currently trading at $0.0824541 territory. Chart: TradingView.com

    A little while later, a reversal occurred when 151 million meme coins, or almost $12 million, went from Robinhood to an unidentified wallet.

    The culmination took place when the most substantial transfer, 300 million Dogecoin valued at $24 million, was transmitted from an unidentified location to Binance.

    At the time of publication on Thursday, the price of DOGE had dropped by 10%, trading at $0.08. Furthermore, the coin’s value has decreased by roughly 12% over the past seven days. Furthermore, even with the early gains, the 30-day losses have now reached about 11%.

    DOGE 30-day price action. Source: Coingecko

    DOGE Plunge: Market Drop, Trading Surge

    When Dogecoin dropped from $0.09 to its current price in less than two hours on Wednesday, the decline in value grabbed traction. The market value of the meme coin fell by 9.95% to $11.77 billion as a result of this decline.

    Its trading volume increased significantly in the last day, rising 165% to a little over $1 billion, despite the price decline.

    These sudden movement come at a pivotal moment for Dogecoin. The much-anticipated DOGE-1 mission, funded entirely by the Dogecoin community, is set to launch this winter.

    The CubeSat mission, developed by Geometric Energy Corporation, marks a historic step for the cryptocurrency, aiming to collect “lunar-spatial intelligence” with onboard sensors and a camera.

    While the DOGE-1 mission brings a wave of excitement and publicity, the recent whale activity casts a shadow of uncertainty. The price drop sparked by the massive token transfers could be interpreted in multiple ways.

    Some see it as shrewd market maneuvering, capitalizing on a temporary dip. Others worry it may signal a loss of confidence in Dogecoin’s long-term potential.

    With the launch date approaching, the interplay between the whale activity, the DOGE-1 mission, and broader market trends will be crucial to watch.

    Can the launch generate enough positive momentum to counteract the price decline? Or will the whales’ actions continue to hold the currency hostage?

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?

    Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?

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    Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days. 

    Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum. 

    According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.

    Metrics Signal Impending Breakout

    The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap. 

    Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week. 

    Source: IntoTheBlock

    Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.

    Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $231 million at the crypto’s current price.

    DOGE price

    Source: IntoTheBlock

    How High Can The Dogecoin Price Go?

    The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $0.87 level.

    Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then move towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $0.858 before making a profit.

    Dogecoin price chart from Tradingview.com

    DOGE price drops to $0.082 | Source: DOGEUSD on Tradingview.com

    Featured image from Analytics Insight, chart from Tradingview.com

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    Scott Matherson

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  • Dogecoin Chart Described as ‘Beautiful’ By Crypto Analyst

    Dogecoin Chart Described as ‘Beautiful’ By Crypto Analyst

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    Dogecoin (DOGE) enthusiasts and investors are on the edge of their seats as prominent crypto analysts forecast an imminent breakout for the popular meme coin. Pseudonymous analyst Kaleo’s recent remarks on the promising trajectory of the meme coin have ignited a sense of anticipation within the crypto community. 

    Kaleo’s assertion that Dogecoin – calling its USD price chart “beautiful” – could soon experience a surge akin to other thriving altcoins in the market has brought renewed attention to the coin’s potential for substantial growth.

    Kaleo’s optimism stems from the encouraging trends witnessed across the altcoin market, indicating a potential squeeze out of the current trading range for Dogecoin.

    With a confident outlook on the USD chart, Kaleo emphasizes the possibility of a consolidation phase preceding a significant upward surge for the popular cryptocurrency. This projection has prompted fervent discussions and debates among investors, with many eagerly awaiting the speculated breakthrough.

    DOGE Draws Attention

    Adding to the mounting anticipation, esteemed crypto analyst Ali Martinez has also voiced support for a bullish sentiment surrounding Dogecoin’s future. Martinez, in a recent tweet on the social media platform X, emphasized the critical juncture that Dogecoin finds itself in, suggesting that the current tight zone holds significant implications for the coin’s impending trajectory.

    Highlighting the presence of vital supply walls encompassing DOGE’s current position, Martinez underlines the pivotal roles of a support wall and a resistance wall in shaping the coin’s immediate market behavior.

    As investors closely monitor the developments, the current price of Dogecoin stands at $0.075 according to CoinGecko. Notably, the cryptocurrency has experienced a moderate 1.3% increase in the past 24 hours, further fueling the optimism surrounding its potential breakout. 

    DOGE market cap currently at $10.7 billion. Chart: TradingView.com

    Over the span of the last seven days, Dogecoin has witnessed a notable rally of 8.4%, indicating a gradual but promising upward trend that has caught the attention of market participants and analysts alike.

    Factors Propelling Dogecoin’s Potential Surge

    Despite recent market fluctuations and the general uncertainty surrounding the cryptocurrency landscape, Dogecoin has managed to solidify its position as a prominent player in the digital currency market. The upcoming potential breakout for DOGE is underpinned by several key factors that have instilled confidence in the minds of analysts and investors alike.

    The evolving trend of altcoins making significant strides in the market has set a favorable backdrop for Dogecoin’s anticipated surge. As other digital assets continue to garner attention and register substantial gains, the overall market sentiment appears conducive to DOGE’s upward movement.

    This growing momentum within the altcoin sector has created an optimistic atmosphere, with analysts anticipating that DOGE will capitalize on this trend to propel its own growth trajectory.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Kevin_Y/Pixabay

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    Christian Encila

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