70 Million DOGE Make Their Way To Binance Amid 10% Dogecoin Price Crash
Whale Alert, a well-known cryptocurrency and blockchain tracking platform, has discovered a Massive DOGE deposits During the dogecoin price crash. The huge deposit involving more than 70 million DOGE tokens was transferred to Binance, the world’s largest cryptocurrency exchange, by an anonymous whale. Additionally, Dogecoin’s high-volume transactions follow 10% of recent transactions. Prices plummet In meme coins.
Whales move over 70 million Dogecoin to Binance
The recent Dogecoin price plunge could be trigger fear Among investors, such as dog whale Sudden selling of holdings. with analysts and traders Express Many are hoping Dogecoin price is about to break out speak out Frustration and concern over the continued sell-off in DOGE, fearing a further delay in market momentum.
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It is worth noting that Whale Alert spot A large number of Dogecoin transfers occurred on January 7th. Cryptocurrency tracker reports that approximately 70,081,124 DOGE tokens were transferred to Binance. The massive deposit, worth over $27.6 million, caught the attention of the cryptocurrency market, as it often does with most large-scale whale trades.
Typically, when an asset moves from a wallet to a cryptocurrency exchange, it signals the possibility of a sell-off. This is because investors often do this when they plan to move their holdings to cryptocurrency platforms like Binance. liquidate their positions.
The recent transfer of 70 million DOGE is a massive market movement that could lead to leading to increased volatilitymay trigger a further downturn in Dogecoin. As of this writing, data from CoinMarketCap shows Dogecoin price drops It rose more than 11.2% in the past 24 hours. Given the meme coin’s sensitivity to slight changes in market trends, additional selling could heighten fears of further losses, potentially leading to more losses. Dogecoin faces downward pressure.
Notably, cryptocurrency analyst Ali Martinez report on X (formerly Twitter) Dogecoin’s TD Order Presenting a sell signal on its daily chart. In light of this development, Martinez said that a Dogecoin price correction is to be expected, as widespread liquidations tend to lead to downward trends.
Analysts warn against selling DOGE
After getting rid of all this ascending triangleDogecoin appears to have returned to the top, is testing it as a new support area, and aims to rebound from this level to continue its uptrend. cryptocurrency analyst trader tardigrade shared The chart on Reaching the potential of new ATH $0.95.
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Therefore, as Dogecoin price action goes through this critical phase, we urge Dogecoin investors to continue to stay in the right direction. Trader Tardigrade stressed that now is not the time to sell or short DOGE prematurely, as doing so could result in missing out on the expected new ATH price surge.
Featured image created using Dall.E, chart from Tradingview.com
