Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On?
2024年5月2日 - 9:30PM
NEWSBTC
Dogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin
frenzy, has found itself shivering in the current crypto winter.
Once a symbol of retail investor exuberance, DOGE has plummeted
over 70% from its sky-high peak, leaving its future shrouded in
uncertainty. Related Reading: Bitcoin Slide Over? Top Analysts
Unanimously Call $56,000 The Bottom DOGE Feels The Crypto Frost
While Bitcoin, the heavyweight champion of the crypto world, grabs
headlines with its recent wobble, the impact on memecoins like DOGE
has been brutal. Unlike Bitcoin’s divided analyst opinions, the
sentiment surrounding DOGE is decidedly bearish. At the time of
writing, the memecoin was trading at $0.132, down 5.4% up the last
24 hours but sustained a 20% loss in the last seven days, data from
Coingecko shows. Dogecoin price action in the last 30 days. Source:
Coingecko Is DOGE A Canary In The Crypto Coal Mine? Some analysts
believe DOGE’s struggles are a canary in the coal mine for the
entire crypto market. They said if even a historically high-flying
memecoin like Dogecoin can’t hold onto gains, it raises serious
concerns about risk appetite in the crypto space in general.
Dogecoin market cap currently at $18 billion. Chart:
TradingView.com Whales Accumulating DOGE: A Glimmer Of Hope?
However, a glimmer of hope flickers for the dethroned meme king.
On-chain data suggests an increase in large wallet purchases of
DOGE, hinting at potential accumulation by wealthy investors. This
“contrarian” behavior could be a sign that some whales are using
Coinglass or similar platforms to track Dogecoin derivatives and
believe the coin is undervalued and ripe for a comeback. Source:
Coinglass Coinglass, a popular cryptocurrency data provider, offers
insights into factors that might be influencing the whales’
decisions. By analyzing metrics like open interest, funding rates,
and liquidations on Coinglass, these investors might see an
opportunity to buy DOGE at a discount. Related Reading: Solana
Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The
Pinch In a similar development, Whale Alert, a well-known
blockchain tracker, has reported that a DOGE whale arranged two
large transactions in a single day. Some 150,000,000 Dogecoins were
transferred in the first transaction, and an additional 76,316,694
DOGE were transferred in the second, for a total of almost 226
million DOGE. At the time, the meme cryptocurrency was worth around
$40 million in fiat money. 🚨 150,000,000 #DOGE (21,281,922 USD)
transferred from #Robinhood to unknown
wallethttps://t.co/7U1CEfr2ZT — Whale Alert (@whale_alert) April
29, 2024 Can Dogecoin Thaw The Crypto Winter? The coming weeks will
be critical for DOGE. The return of positive social media
sentiment, coupled with continued accumulation by whales who might
be strategically using Coinglass for market analysis, could be the
spark that reignites the DOGE rally. However, if the broader market
weakness persists, DOGE’s summer might be spent shivering in the
doghouse. Featured image from Pixabay, chart from TradingView
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