In a captivating narrative witnessed within the cryptocurrency realm, Dogecoin, or DOGE, is one of the most renowned meme-based cryptocurrencies, attracted significant investor attention today, April 3, as the token observed substantial whale transactions. These transactions, arising amid DOGE’s descent to the $0.18 level, sparked a flurry of speculations regarding DOGE’s price action ahead.
Following extensive liquidations and market adjustments, Dogecoin experienced a significant downturn recently. Now, with on-chain whale activity surging for the token, investors ponder Dogecoin’s price as BTC halving approaches. Interestingly, Bitcoin’s pre-halving correction contributes to the decline seen by altcoins, as even DOGE reflects, echoing a broader downtrend in the market.
DOGE: Whale Activity Ignites Speculations
According to the data highlighted by the blockchain tracker Whale Alert, an astounding 583.75 million DOGE was observed to be on the move over the past 24 hours. Notably, these whale transactions demonstrated dumps to exchanges and accumulation by whales in hand, indicating mixed sentiments in the market.
As per the data, 229 million DOGE, valued at $42.95 million, was accumulated by an unidentified wallet from Robinhood, whereas 60.26 million coins, valued at $11.14 million, were dumped into the same CEX by another whale. Similarly, 58.81 million DOGE, valued at $11.03 million, was accumulated from Coinbase, one of the leading CEXs, whereas 234.68 million DOGE, valued at $43.61 million, was dumped to the same by another whale. This collectively hinted at a mixed sentiment among whales, thereby creating an uncertain scenario surrounding Dogecoin’s price action ahead.
Meanwhile, market dynamics for the meme coin further seized significant attention, illustrating a bearish trend prevailing over the token.
Dogecoin Price Declines
As of writing, the Dogecoin token’s price observed a decline of 1.37% in the past 24 hours, presently resting at $0.184. This substantial drop comes amidst recent market corrections, as mentioned earlier.
Simultaneously, reports revealed that a 4.47% drop in the token’s open interest, accompanied by a decrease in the OI-weighted funding rate to 0.0197%. Indicating reduced readiness among investors to engage in more long positions, coupled with a decline in investor interest in the asset, the token assumed a bearish stance as of press time.
Moreover, analysis by the VR Soldier highlighted another intriguing phenomenon, wherein the dog-based meme token faced significant selling pressure at the $0.22 mark, resulting in a remarkable price decrease to now trade at $0.18. In the analysis, in alignment with the 4-hour chart, DOGE’s peak has formed a double-top pattern, intensifying the bearish sentiment among traders.
Should supply pressure persist moving forward, the DOGE price may register another decline of nearly 8% to reach combined support of the ascending trendline and 38.2% Fibonacci retracement level at $0.17. Nonetheless, crypto market enthusiasts continue to closely monitor the token as BTC halving looms and historical data demonstrates altcoins mirroring BTC’s price movements.
