In the face of the sudden turn of events, amid the current general decline in the prices of most cryptocurrencies, a striking phenomenon has attracted investors' attention to Dogecoin. As the world's largest meme cryptocurrency by market value, Dogecoin has attracted much attention.
Notably, Dogecoin’s price has fallen below $0.18 over the past 24 hours, mirroring the current trend in the broader crypto market and in line with today’s notable crypto market crash.
Against the backdrop of falling prices, large-scale whale activity has attracted huge attention in the global crypto space, with nearly 324 million Dogecoins transferred in the past 24 hours. This immediately sparked speculation among cryptocurrency traders and investors about the future price trend of Dogecoin.
Dogecoin Whale Transfers: What’s the Scoop?
According to clues provided by blockchain tracker Whale Alert, three large whale transactions moved a total of 324 million tokens in the past day.
In the first transaction, 100 million DOGE, worth $17.32 million, were dumped on the U.S. exchange Robinhood. While the second transaction showed that whales on the same exchange accumulated 150 million DOGE, worth $26.03 million. Meanwhile, the third transfer disclosed 74.02 million DOGE (worth $12.58 million) transferred to Robinhood, sparking a speculative frenzy among cryptocurrency market enthusiasts as these transactions reflected the whales’ mixed emotions about the asset.
With some whales dumping Dogecoin while others are accumulating funds amid the pre-halving crash currently being witnessed, crypto market enthusiasts are speculating on the future price action of Dogecoin. During this period, on-chain metrics for the dog-based meme coin have further declined, in line with the bearish trend recorded today.
Dogecoin’s price plummets
As of the time of writing, the price of the Dogecoin token has dropped significantly by 13.24% in the past 24 hours and is currently priced at $0.1721. It is worth noting that this downturn is mainly attributed to several on-chain factors, including DOGE liquidations and open interest.
Data from Coinglass shows that the total DOGE liquidations in the past 24 hours reached a staggering $21.38 million, including $18.3 million in long positions and $13.08 million in short positions. This further highlights the increase in selling pressure in the market, reflecting the price drop of DOGE. At the same time, the token's open interest fell by 22.43%, exacerbating the bearish sentiment of Dogecoin as investors showed a sense of declining interest in the asset.
Together, these data paint an uncertain picture for Dogecoin’s future price action, with whales showing mixed emotions and on-chain data further fueling bearish sentiment for Dogecoin. Additionally, it’s worth noting that DOGE could see a significant uptick following the BTC halving event, as historical data suggests altcoins will mimic BTC’s post-halving price action.
