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Whale Alert, a prominent crypto and blockchain tracking platform, has spotted a massive DOGE deposit amid the Dogecoin price crash. This enormous deposit, involving over 70 million DOGE tokens, was moved by an anonymous whale to Binance, the world’s largest crypto exchange. Moreover, the lofty Dogecoin transaction comes on the heels of a recent10% price crash in the meme coin.
Whales Move Over 70 Million Dogecoin To Binance
The recent Dogecoin price crash may have triggered fear among investors, as DOGE whales are suddenly selling off their holdings. With analysts and traders expressing hopes of an imminent Dogecoin price breakout, many are voicing frustration and concern over the ongoing DOGE sell-offs, fearing further delays in the market’s momentum.
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Notably, Whale Alert spotted a substantial Dogecoin transfer on January 7. The cryptocurrency tracker reported that approximately 70,081,124 DOGE tokens were moved by an anonymous whale to Binance. This massive deposit, worth over $27.6 million, has caught the attention of the crypto market, as most large-scale whale transactions often do.
Typically, when an asset is transferred from a wallet to a crypto exchange, it indicates the potential for a sell-off. This is because investors often move their holdings to crypto platforms like Binance when they plan to liquidate their positions.
The recent 70 million DOGE transfer is a large-scale market movement that could lead to increased volatility, potentially triggering more downturn for Dogecoin. At the time of writing, CoinMarketCap’s data shows that the Dogecoin price has declined by more than 11.2% in the past 24 hours. Considering the meme coin’s susceptibility to slight changes in market trends, additional sell-offs could exacerbate fears of further declines, potentially placing even more downward pressure on Dogecoin.
Notably, crypto analyst Ali Martinez has reported on X (formerly Twitter) that Dogecoin’s TD sequential is presenting a sell signal on its daily chart. Given this development, Martinez states that a Dogecoin price correction should be expected, as widespread liquidations often lead to a downtrend.
Analyst Cautions Against Selling DOGE
After breaking out of this Ascending Triangle, Dogecoin appears to have returned to the apex, testing it as a new support zone and aiming to bounce off this level to continue its upward trend. Crypto analyst Trader Tardigrade shared a chart on X, highlighting that the apex of the Ascending Triangle could serve as a launchpad for a Dogecoin price rally, with the potential to reach a new ATH of $0.95.
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Consequently, Dogecoin investors are being urged to stay on course as the meme coin undergoes this critical phase in its price action. Trader Tardigrade has emphasized that now is not the time to sell off prematurely or short DOGE, as doing so could result in missing the projected price surge to a new ATH.
Featured image created with Dall.E, chart from Tradingview.com
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