A whale is shown dumping large quantities of the dog-themed meme coin Dogecoin against its recent price increase. This has caused quite a stir within the cryptocurrency community. Today, May 18, an unidentified whale unloaded an astounding 120 million DOGE tokens into the Robinhood exchange, according to on-chain data that has surfaced in the market.
Because of this transfer, cryptocurrency traders are speculating about the future price trajectory of DOGE because they see this dump as a worse-than-ideal development. This is a thorough analysis of the market data for Dogecoin as of right now, along with the factors that have led cryptocurrency investors to become wary of this commodity.
Investors Are Concerned About the 120M DOGE Whale Transfer
Whale Alert, An on-chain analytics platform, reported that the unknown address DDuXG had dumped 120 million DOGE, or $18.55 million, to the Robinhood cryptocurrency exchange. Significantly, DOGE has recently seen a price rise, which suggests that the wallet address may be engaging in profit-taking activities.
According to additional research, the exact address amassed 226 million DOGE from Robinhood last month, when DOGE traded close to $0.13. Presently, the price is at $0.15, highlighting the noteworthy gains the cryptocurrency whale made with this strategic move. Interestingly, the address still holds about half of the total amount of DOGE, reflecting confidence in its potential. Furthermore, traders on the cryptocurrency exchange have voiced optimism about Dogecoin’s future price movement, expecting further gains. Consequently, this situation has generated significant interest and speculation in the cryptocurrency community, anticipating Dogecoin’s upward trajectory. Concurrently, Dogecoin traded positively even though it faced significant selling pressure due to the transfer above.
DOGE Cost Rises
As of this writing, Dogecoin is trading at $0.1561, having increased 3.65% the previous day. Its 24-hour high, $0.1569, and low, $0.1495, are the respective values.
With significant token dumps on exchanges, the biggest meme cryptocurrency by market capitalization, currently valued at $1.10 billion, has resisted projections of a price decline. This has led to conjectures regarding the possibility of profit margins for investors from meme-based investment products.
Coinglass statistics revealed that DOGE’s OI increased 7.06% to $869.93 million, but derivatives volume decreased 7.10% to $1.44 billion. The data presents a varied picture of investor sentiment, which may be attributed to speculative trading. This further adds to the uncertainty surrounding the token’s future price swings.
Additionally, the asset is neither overbought nor oversold, as shown by the relative strength index (RSI), trading close to 52.
