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Dogecoin Fear and Greed Index Unfazed by Massive Recent DOGE Sales

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Tue, 17/10/2023 - 14:33
Dogecoin Fear and Greed Index Unfazed by Massive Recent DOGE Sales
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Popular Whale Alert crypto tracker has spotted an enormous amount of meme coin DOGE transferred from an anonymous wallet to leading U.S. crypto exchange Coinbase.

The transaction happened more than 22 hours ago — a total of 110,000,000 DOGE was wired, plus Whale Alert shows an additional transfer that carried another 2,637,273 DOGE.

This tremendous DOGE transfer seems to be a whale's sale, and it has not impacted the Dogecoin price or any other major metrics of the original canine crypto.

The Fear and Greed Index remains neutral at the time of this writing, according to data provided by the @DogecoinFear account on the X social media platform.

DOGE may be heading toward $1, analyst says

According to a recent X post by crypto analyst Ali Martinez, DOGE may have a chance to see a new bull run started toward $1 if the weekly candle closes above the $0.0835 level. Dogecoin is coming close to the apex of a multiyear descending triangle pattern. On Sunday, DOGE closed at $0.5596.

The analyst also warned their readers they should keep a close look at the $0.0482 level of support since "any sign of weakness" around it may trigger downward movement to a new yearly low for Dogecoin.

Related
Here's When Bitcoin (BTC) Will Hit $220,000, Per Max Keiser

Warning from DOGE team to community

Recently, the official account of DOGE on the X app addressed the Dogecoin army, urging them to withdraw their DOGE from centralized exchanges and DeFi platforms. The official DOGE account referred to the old "crypto saying" — "Not Your Keys, Not Your Coins."

The tweet has it that now, many exchanges are demonstrating questionable behavior, thus making its users take part in"funding illicit and controversial sociopolitical or criminal schemes." The message recommends that users move their DOGE to cold wallets or decentralized exchanges, where they will be safe.

Prominent Bitcoin advocate, CSO of BlockStream Samson Mow, recently addressed the Bitcoin community with a similar message, urging them to shift their BTC to self-custody wallets.

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