{"id":1387,"date":"2024-03-01T09:57:50","date_gmt":"2024-03-01T06:57:50","guid":{"rendered":"https:\/\/coinmarketrate.com\/blog\/?p=1387"},"modified":"2024-03-01T09:57:50","modified_gmt":"2024-03-01T06:57:50","slug":"dogecoin-whales-shift-276-million-what-is-causing-speculation","status":"publish","type":"post","link":"https:\/\/coinmarketrate.com\/blog\/dogecoin-whales-shift-276-million-what-is-causing-speculation\/","title":{"rendered":"Dogecoin Whales Shift 276 million, What is causing Speculation?"},"content":{"rendered":"

In an intriguing turn of events, following a substantial rally witnessed by Dogecoin recently, three noteworthy whale transactions surfaced across the broader\u00a0crypto\u00a0market, showcasing the reshuffling of a staggering 276.06 million DOGE. These transactions promptly gained significant traction among crypto market fanatics globally as DOGE\u2019s run past the $0.1 mark painted a bullish climate for the meme coin in recent days.<\/p>\n

However, DOGE traded in the red as of press time, birthing speculations over the whale activity\u2019s potential impact on the meme coin\u2019s price. Derivatives data unveiled by Coinglass further curated speculations over a downtrend prevailing within the market, reflecting DOGE\u2019s dip.<\/p>\n

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DOGE Whale Transactions: A Closer Look<\/strong><\/div>\n<\/div>\n<\/div>\n

According to the data revealed by the blockchain tracker Whale Alert, three massive whale transfers collectively aided in the shuffling of 276.06 million DOGE, showcasing accumulations and a dump parallelly. This showcased a mixed sentiment among whales orbiting the meme coin, adding further inferences among crypto market traders and investors.<\/p>\n

Two unknown wallets accumulated 222.07 million DOGE from Robinhood, whereas an unknown wallet dumped 53.99 million DOGE to Coinbase, a leading cryptocurrency exchange.<\/p>\n

Meanwhile, the accumulations fell in line with technical indicators indicating a buy signal in the market, per data by Trading View. Whereas, the dump fueled speculations over DOGE\u2019s bearish run today.<\/p>\n

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<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Dogecoin Dips<\/h2>\n

As of writing,\u00a0Dogecon\u2019s price\u00a0traded in the red, illustrating a drop of 6.79% in the past 24 hours. The current price rests at $0.1209, with a 24-hour trading volume plunge of 24.10%.<\/p>\n

This drop further aligns with derivatives data hinting at a downtrend for the meme coin in the market.\u00a0Coinglass\u2019\u00a0data showcased a 9.25% drop in the token\u2019s open interest, whereas the volume dropped 13.85%, hinting at decreased market activity.<\/p>\n

\n
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The drop in OI-weighted funding rate for the meme token, from 0.1485 to 0.1184%, further birthed speculations over decreased readiness among traders to invest more in long positions. This comes as a hurdle on DOGE\u2019s path to $1, however, with the significant whale accumulations weighing in, crypto market sentiments still appear to be riding the wave of \u2018buy the dip,\u2019 adding up to the torrent of speculative buzz orbiting Dogecoin.<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In an intriguing turn of events, following a substantial rally witnessed by Dogecoin recently, three noteworthy whale transactions surfaced across the broader\u00a0crypto\u00a0market, showcasing the reshuffling of a staggering 276.06 million DOGE. These transactions promptly gained significant traction among crypto market fanatics globally as DOGE\u2019s run past the $0.1 mark painted a bullish climate for the […]<\/p>\n","protected":false},"author":1,"featured_media":1388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50,122],"tags":[],"class_list":["post-1387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analytics","category-defi-en"],"yoast_head":"\nDogecoin Whales Shift 276M DOGE Sparking Speculation, $1 Rally Hits A Wall?<\/title>\n<meta name=\"description\" content=\"In an intriguing turn of events, following a substantial rally witnessed by Dogecoin recently, three noteworthy whale transactions surfaced across the broader\u00a0crypto\u00a0market, showcasing the reshuffling of a staggering 276.06 million DOGE. 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