Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree
02 Abril 2024 - 4:00PM
NEWSBTC
The Dogecoin (DOGE) price looks at risk of further declines as
on-chain data show that the meme coin’s largest holders are
securing profits. This follows DOGE’s recent price surge, which saw
the crypto token rise to a new three-year high of $0.22.
Dogecoin Witnesses Wave Of Profit-Taking Data from the market
intelligence platform Santiment shows a drop in the number of
Dogecoin holders holding between 10 million and 100 million DOGE
tokens. This suggests that some holders have offloaded their tokens
to secure profits from DOGE’s recent price gains. Related
Reading: Hedge Fund Manager Predicts When Bitcoin Price Will Reach
$150,000 This wave of profit-taking looks to have become a pattern
among DOGE holders, as further data from Santimemt showed that
these whales also instantly booked their profits just after DOGE
enjoyed an upward trend earlier in March. Bitcoinist even reported
then of a Dogecoin whale that offloaded 86 million DOGE tokens on
the market. Considering the magnitude of these whales’
holdings, their actions are bound to exert much selling pressure on
the DOGE token. That explains why the meme coin has steadily
declined since rising to as high as $0.22 last week. Interestingly,
Santiment, in an X (formerly Twitter) post, had recently warned of
an impending sell-off by these whales. The crypto analytics
platform noted how major dormant whales were moving their Dogecoin
holdings back into circulation, which usually suggests they are
getting ready to sell. Meanwhile, members of the DOGE community
seem unfazed by the recent price dip, with many of them seeing it
as an opportunity to accumulate more of the meme coin. The Whales
Will Soon Return Dogecoin whales are expected to return
and position themselves again once this wave of profit-taking by
them is done. Besides taking profits, these whales also see this
period as an opportunity to invest in DOGE at the market bottom and
in anticipation of future price gains. Related Reading:
Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
Despite this recent correction, there looks to be a lot of bullish
momentum on the largest meme coin by market cap, especially with
analysts predicting that it could rise to $1 in this market cycle.
In the short term, Dogecoin is also expected to make another run
soon, with significant events coming up for the meme coin this
April. The foremost US exchange, Coinbase, is set to launch
Dogecoin futures for its institutional clients on April 29. This
move could cause new money to flow into the meme coin’s ecosystem
and spark a price surge. DOGE Day is also happening on April 20,
which will put the spotlight on the crypto token and possibly
impact its price positively. At the time of writing, DOGE is
trading at around $0.18, down over 6% in the last 24 hours,
according to data from CoinMarketCap. DOGE price falls to
$0.18 | Source: DOGEUSDT on Tradingview.com Featured image from
Bankrate, chart from Tradingview.com
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