Dogecoin Whales Move 514 Million Tokens Amid Resurgence
Today, Dogecoin (DOGE) whales have transferred more than 514 million tokens, indicating the memecoin’s recent surge and its attempt to reach the $0.1 price level during the market-wide recovery.
Large Whale Transaction Involving 450 Million DOGE
A well-known crypto whale-tracking resource, Whale Alert, has reported a significant transaction involving 450 million DOGE. The transaction took place at 6:56 AM (UTC) today, with a value of $41.55 million at the time.
Unidentified Sender and Recipient Wallets
The sender and recipient wallets remain unknown due to insufficient information available. However, the recipient address had previously emptied its balance before receiving this large influx of tokens and currently holds 450 million DOGE.
Institutional Investor or Exchange Involved
The sender of the transaction appears to be either an institutional investor or an exchange. After the transaction, their address now holds 558.7 million DOGE worth $51.9 million.
64.7 Million DOGE Transferred to Coinbase
In another whale transaction, 64.7 million Dogecoin was moved from an unidentified wallet to Coinbase. The sending address had been accumulating these tokens since August and finally offloaded them to Coinbase today.
Dogecoin Aims for $0.10 Price Level
The recent whale movements have raised concerns about potential sell-offs as Dogecoin begins its recovery from the previous downtrend. DOGE experienced a 7.52% drop from $0.093 on December 15th to a low of $0.086 yesterday.
Consolidation and Bullish Pennant Formation
As the crypto market recovers, Dogecoin is following the trend in an effort to reclaim its December 11th highs at $0.1071. The memecoin has seen a 1.82% increase in the past 24 hours, aiming to break its daily losing streak from December 17th and 18th.
During its consolidation phase, Dogecoin has formed a bullish pennant pattern on the daily timeframe. A breakout above the upper trend line could lead to a continuation of the previous uptrend.
Potential Breakout and Resistance Levels
If the broader market continues its recent recovery, Dogecoin may achieve the much-needed breakout. Currently trading at $0.093, it would need to overcome resistance levels at $0.097, $0.099, and $0.1029 to breach the upper trend line of the bullish pennant.
Hot Take: Dogecoin Whales Make Significant Moves Amid Market Recovery
The recent movement of over 514 million Dogecoin tokens by whales indicates a resurgence in DOGE’s value and its attempt to reach $0.1 during the ongoing market-wide recovery. These large transactions raise questions about potential sell-offs and their impact on DOGE’s price stability.
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