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A massive 312.37 million Dogecoin (DOGE) has just moved to major crypto exchange Coinbase, sparking speculation in the crypto community.
Blockchain data tracker Whale Alert reports this substantial Dogecoin move, totaling 312,375,048 DOGE, which was carried out within the last 24 hours.
According to Whale Alert, the transactions were executed in three separate transfers, each carrying 104,125,016 DOGE worth $21.33 million from an unknown wallet to Coinbase.
Withdrawals from exchanges imply buying; deposits might imply selling. Another probable explanation is that a major player may be shifting funds for strategic reasons. A whale, or large holder, may be transferring DOGE for exchange-based trading or another purpose.
Godfrey BenjaminAt the time of writing, DOGE is trading up 1.83% in the last 24 hours to $0.209, rebounding slightly amid a broader market crash in Monday's trading session, which saw over $1.4 billion in crypto liquidations. The cryptocurrency market experienced a major sell-off on Monday due to sell pressure on the equity market. Dogecoin was not spared from the declines, tumbling to lows of $0.195. Bitcoin fell to a three-month low below $90,000 in a risk-off move.
What's next for Dogecoin's price?
Dogecoin started declining after reaching highs of $0.287 on Feb. 14. The drop caused Dogecoin to slip below the 200-day Simple Moving Average (SMA) at $0.24 for the first time since October 2024, near where it presently trades. This key technical level had previously acted as a strong support zone for Dogecoin's price.
Tomiwabold OlajideThe RSI in the negative zone might indicate that sellers have an advantage. Selling might pick up on a break and close below the support line. Dogecoin challenged support at $0.195 in yesterday's session, which may be broken. Dogecoin may then drop to $0.15.
This bearish outlook will be disproven in the short term if the price rises and breaks over the $0.24 short-term barrier. Dogecoin might next ascend to the 50-day SMA at $0.31, which is predicted to act as strong resistance.
Dan Burgin
Vladislav Sopov