Dogecoin Whale Transaction Sparks Interest
A recent whale transaction involving 100 million DOGE has caught the attention of crypto traders and investors. The transfer, worth $7.83 million, took place from an unknown wallet to Robinhood, a popular financial services provider.
This significant selloff of DOGE has raised speculation about its impact on the price of the meme coin. Despite the transaction, the price of Dogecoin is currently trading in the green.
Additionally, there has been a surge in wallet adoption for DOGE in recent days, adding to the anticipation of future price movements.
Contrasting Market Sentiments
The whale’s massive selloff and decrease in open interest have led to expectations of a price dip. However, the Dogecoin price has shown a marginal jump instead.
Open interest for DOGE has dropped by 2.25%, indicating investors leaving the market. This aligns with the liquidation done by the whale involved in the transaction.
DOGE Price Movement
Currently, the Dogecoin price has experienced a slight increase of 0.40% over the past 24 hours, reaching $0.07846. However, the weekly and monthly charts show a drop of 1.53% and 3.10% respectively.
The recent surge in wallet adoption may have contributed to this movement. However, with the whale’s selloff, there is a gradual downward momentum in the price chart.
Hot Take: Anticipation for Price Action Shift
The recent whale transaction and subsequent price movement have created anticipation among crypto enthusiasts globally. Many are closely watching Dogecoin, hoping for a shift in its price action soon.
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