#DOGE# Dogecoin Whale Transfers 324 Million Dogecoin While Price Drops Below $0.18, What's Next?

Amid an unforeseen turn of events, at a time when most cryptocurrencies are facing a significant decline in their prices, an interesting phenomenon seems to have drawn investors' attention to Dogecoin, the world's largest meme cryptocurrency by market capitalization.
Interestingly, the price of Dogecoin has fallen below $0.18 in the last 24 hours, reflecting the current trend in the broader crypto market, in line with today's noteworthy crypto market crash. Amid falling prices, massive whale activity has gained huge traction in the global crypto space, moving nearly 324 million DOGE in the last 24 hours. This immediately sparked speculation among crypto traders and investors about the future price movement of DOGE.
Dogecoin Whale Transfers: What's the Scoop?
According to insights provided by blockchain tracker Whale Alert, a total of 324 million tokens were transferred in three large-scale whale transactions over the past day.
In the first transaction, 100 million DOGE, worth $17.32 million, was sold to the U.S. exchange Robinhood. And the second transaction showed that whales on the same exchange had accumulated 150 million DOGE, worth $26.03 million. Meanwhile, the third transfer revealed the transfer of 74.02 million DOGE (worth $12.58 million) to Robinhood, sparking a speculative frenzy among crypto market enthusiasts, as the transactions embody whales' mixed emotions about the asset.
With some whales dumping Dogecoin and others accumulating funds in the pre-halving crash they are currently witnessing, crypto market enthusiasts are speculating on Dogecoin's future price movements. During this period, on-chain metrics for dog-based meme tokens fell further, in line with the bearish trend recorded today.
The price of Dogecoin plummeted
As of the time of writing, the price of the Dogecoin token has dropped by a massive 13.24% over the past 24 hours and is currently trading at $0.1721. Notably, this downturn is primarily attributed to several on-chain factors, including DOGE liquidations and open interest.
According to Coinglass, DOGE liquidations totaled a staggering $21.38 million in the last 24 hours, with $18.3 million in long positions and $13.08 million in short positions. This further highlights the increased selling pressure in the market, reflecting the decline in the price of DOGE. At the same time, the token's open interest fell by 22.43%, adding to Dogecoin's bearish sentiment as investors showed a sense of declining interest in the asset.
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Together, this data paints an uncertain outlook for Dogecoin's future price action, with whales showing mixed emotions and on-chain data further fueling Dogecoin's bearish sentiment. Additionally, it's worth noting that DOGE is likely to see a significant uptick in the wake of the BTC halving event, as historical data suggests that altcoins mimic BTC's price action after the halving.
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