Blog

In an exhilarating plot twist witnessed lately, a Dogecoin whale’s large selloff seems to be garnering important consideration amongst crypto market merchants and traders globally as DOGE’s value lately dropped to the $0.15 mark, following a notable upward momentum showcased up to now few days. Aligning with a considerable crypto market crash witnessed yesterday, ensuing from colossal selloffs, this DOGE offloading chronicle birthed bearish sentiments on some of the outstanding meme cash globally.

Dogecoin Whale’s Offloading Mirrors Bearishness

According to the insights unveiled by the blockchain tracker Whale Alert, a whopping 118.40 million DOGE, value $19.75 million, was famous to be shifted to Robinhood by an unknown pockets handle right now, March 16. This selloff birthed a tidal wave of bearishness on Dogecoin, aligning with its current fall, because the transaction additionally showcased the whale’s lack of confidence within the abovementioned asset.

Meanwhile, with speculations of a possible meme coin rally finish hovering over the crypto horizon, as nearly all of meme tokens famous a dip in current days, this selloff added as much as the tidal wave of bearish ideas on the Elon Musk-supported meme coin.

While, within the interim, market dynamics for DOGE additional fueled speculations over a continued hunch forward.

Also Read: Bitcoin SOPR Data Shows Major BTC Price Consolidation for March

Dogecoin Slips

As of writing, Dogecoin’s price famous a considerable drop of 4.17% over the previous 24 hours and is at the moment resting at $0.1604. The meme token even slipped as little as $0.15 right now, alarmingly piquing worldwide consideration. With the whale’s selloff additional weighing in, a bearish sentiment for the token prevails inside the broader crypto market.

Derivatives knowledge highlighted by Coinglass moreover showcased bears taking management, because the open curiosity and quantity dropped 6.32% and 48.57% concurrently. This hinted at decreased market participation amongst traders, accompanied by a possible insecurity in DOGE’s short-term prospects, including as much as unfavourable sentiments out there.

Meanwhile, the RSI hovering someplace round 58 signaled that the asset will not be overbought or oversold. This, coupled with derivatives knowledge and a value fall, pointed to a cautious outlook for the asset within the close to time period, with bears at the moment dominant.

Also Read: Solana Price Approach $200 Amid Historic Spike in New SPL Token Creation

✓ Share:

CoinGape includes an skilled group of native content material writers and editors working around the clock to cowl information globally and current information as a truth somewhat than an opinion. CoinGape writers and reporters contributed to this text.

The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.