Dogecoin recent surge has seen a whale offloading substantial amounts of the dog-themed memecoin, sparking chatter in the crypto circles. An enormous 120M DOGE tokens, as per on-chain data surfacing within the market, were unloaded onto the Robinhood exchange by an unknown whale today, May 18.
In addition, this transfer has stirred speculations regarding DOGE’s forthcoming price trajectory, as crypto market participants perceive this dump as a somewhat pessimistic event. However, Here’s a comprehensive details on Dogecoin’s current market statistics and the rationales behind crypto investors’ recent cautious stance towards this asset.
120M DOGE Whale Transfer Sparks Investor Concerns
According to the insights provided by Whale Alert, an on-chain analytics platform, 120 million DOGE, valued at $18.55 million, was observed to have been dumped by the unidentified address DDuXG onto the Robinhood crypto exchange. Remarkably, this transfer occurs amidst a recent upward price action experienced by DOGE, hinting at potential profit-taking behaviors by the wallet address.
Meanwhile, upon deeper investigation, it was discovered that the same address was noted to have amassed 226 million DOGE from Robinhood last month, when DOGE traded near the $0.13 price level. This underscores significant gains secured by the crypto whale with the aforementioned transfer, as the price currently sits at the $0.15 level.
With nearly 50% of the DOGE accumulated still remaining with the address, crypto market participants expressed optimism for Dogecoin’s price action ahead. Simultaneously, despite the substantial selling pressure faced by Dogecoin due to the abovementioned transfer, the memecoin traded in the green.
Dogecoin (DOGE) Price Soars
As of writing, Dogecoin’s price noted an increase of 2.95% in the past 24 hours and 7% within the last 7 days, and it is currently trading at $0.1546. Its 24-hour lows and highs are $0.1495 and $0.1569, respectively.
The largest memecoin by market cap, resting at $1.10 billion, has defied market expectations of a slump in price with significant token dumps on exchanges. This has, in turn, spawned speculations over the potential of memecoin based investment products to offer investors gains.
Meanwhile, Coinglass data showed a 7.06% surge in DOGE’s OI to $869.93 million, followed by a 7.10% dip in derivatives volume to $1.44 billion. Underscoring mixed sentiments among investors, potentially due to speculative trading, this data further mystifies the token’s future price movements.
Besides, the RSI (Relative Strength Index) hovered at 52, indicating that the asset is neither overbought nor oversold. However, the crypto market is bullish about the Dogecoin price and many of the crypto community are expressing their price predictions on social media platform X.
