Are Dogecoin Whales Driving DOGE Price Lower in April?

NAIROBI (CoinChapter.com) — Whale alert service @whale_alert spotted a colossal transaction that captured the crypto community’s attention: 134,827,084 DOGE, valued at approximately $27,658,034, was transferred from Robinhood to an unknown wallet. This staggering movement of funds has sparked widespread speculation regarding its potential role in driving DOGE’s price lower recently.

Dogecoin Price Alerts

Dogecoin, the world’s top memecoin, has experienced significant volatility, with its market capitalization dropping by 11.04% on April 2 to $26,318,548,092. Despite ranking as the 8th largest cryptocurrency, its 24-hour trading volume surged by 17.38% to $3,802,012,614, indicating heightened market activity.

Despite this dip, the recent whale activity suggests sustained interest from deep-pocketed investors. Historically, such substantial transactions have often preceded significant market movements, leaving traders and analysts alike closely monitoring the situation.

Whales Accumulate Amid Market Volatility

Market analyst Ali noted that Dogecoin whales have accumulated a staggering 1.4 billion DOGE (approximately $280 million) over the past two weeks. This substantial buying pressure from large investors coincides with the recent market turbulence, characterized by notable liquidations across major cryptocurrencies.

The Bitcoin market witnessed a phenomenal $131.92 million in liquidations, with long positions accounting for over $400 million. While shorts took a relatively smaller hit of $85 million, Dogecoin was not spared, recording $14.76 million in liquidations.

Messari data revealed that the number of Dogecoin addresses holding over 1 million DOGE currently stands at 4,760, reflecting a rise in the holdings so far in 2024. Additionally, the transaction volume surpassed $1.1 billion, reflecting the asset’s liquidity and trading activity.

To Sum Up

A mysterious transaction moved 134 million DOGE from Robinhood to an unknown wallet, alongside an 11% drop in DOGE’s price.

Whale Alert spotted this significant transfer, stirring intrigue and speculation. Dogecoin whales recently acquired 1.40 billion DOGE, worth about $280 million, showing increased interest despite market swings. This large-scale activity suggests a growing confidence among investors.