On-chain data shows the Dogecoin whales have made some big moves in the past day, a sign that could be worrying for the asset’s price.
Dogecoin Whales Have Made Many Moves During The Last 24 Hours
According to data from the cryptocurrency transaction tracker , a few large DOGE moves have been spotted on the blockchain during the past 24 hours.
All four of these transfers are on the scale of millions in USD, suggesting that whale entities may have been behind them. The whales refer to the largest investors in the sector, who can hold some influence due to the size of their holdings.
Because of this reason, transfers from this cohort can be something to keep an eye on. How a whale moves could affect the market depends on what the whale intends to achieve with it.
Generally, it’s hard to say with certainty about such a motive, but depending on the types of wallets involved and the direction of the coins’ flow, some hints can be gathered.
The two oldest transfers from the past day involved the movement of $5.1 million and $7.5 million worth of Dogecoin to the Robinhood platform. Below are the details for the older of the two transactions.
Looks like the transaction needed a fee of just $0.41 to go through | Source:
As is visible, an unknown wallet was the sender of the transaction. Such wallets are unattached to any known centralized platform and will likely be investors’ self-custodial addresses.
When an investor shifts their coins from their wallets to exchanges, there is always a possibility the move has been made for selling purposes. As such, this deposit from the whale could be bearish for DOGE. The same would go for the other Robinhood deposit from the past day.
Besides these two deposits, there has been one more exchange inflow transaction in this same window to the cryptocurrency exchange Coinbase.
The Coinbase DOGE deposit from today | Source:
This $5.9 million deposit comes after Dogecoin recovered from its recent lows, so the whale may be looking to sell while some gains remain.
The final transaction from the last 24 hours is the largest of the four, as it has seen DOGE worth a whopping $41.5 million shift across the network. However, this transfer is unremarkable because only unknown addresses have been involved in it.
It’s hard to say what this transaction was made for, as it could be anything from a peer-to-peer (P2P) transfer to a simple change of wallets. Thus, unlike the other exchange deposits, this transfer could end up causing volatility in any direction, or it may not even have any influence.
DOGE Price
Dogecoin had recently plunged towards the $0.087 level but has since recovered above the $0.091 mark.
The price of the memecoin appears to have run out of bullish momentum recently | Source:
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Read more
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
