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Dogecoin (DOGE) has witnessed a massive transfer today. A whale shifted 400 million DOGE, worth around $41.08 million, to crypto exchange Binance. This is a notable transfer as the amount of the coins is significant.
Such moves from crypto whales can leave a major impact on the market movements of a coin. Moreover, the time of this whale movement is critical. The crypto market has been crashing since yesterday. In fact, the situation became even worse today.
As of writing this article, the global crypto market cap has plummeted 7.59% in the last 24 hours. It currently stands around the $1.97 trillion mark. Bitcoin (BTC), the leading crypto on the market, has also plummeted 5.57% during this time.
However, the meme coin sector has witnessed a massive bloodbath. The Dogecoin price has crashed 13.07% to $0.09725 over the last 24 hours. Moreover, its market cap has decreased 13.06%, and it currently stands at $14.1 billion.
The 400 million DOGE transfer is probably a sell-off. Crypto whales mostly dump coins on major trading platforms like Binance. While the DOGE price has already plummeted, this sell-off can trigger a further price drop.
DOGE price outlook
Technical indicators of Dogecoin can provide a clear picture of its overall price outlook. Per TradingView, the meme coin is trading below all of its moving averages. DOGE previously managed to hold well above its 200-day EMA and SMA.
However, it failed to sustain that level and went below these crucial moving averages. This is a concerning sign, as it tells us that the DOGE price may fail to trigger a rebound from here. Bears appear to be in control, and it is likely that this sentiment will prevail in the short term.
Despite this, there is one silver lining for the meme coin. The RSI of Dogecoin is at 24.4, as of now. This means that the coin is in an oversold market condition. DOGE still has a chance to break out of this bearish phase. However, it is expected to happen over the long term.
Arman Shirinyan
Alex Dovbnya
Dan Burgin