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Dogecoin (DOGE) recently made significant price movements, but the sale of a large amount of DOGE by an anonymous whale on a cryptocurrency exchange caused confusion. Today, an unidentified whale transferred 120 million DOGE worth $18.55 million to the Robinhood exchange. This significant transfer has raised concerns among investors about Dogecoin’s future price trajectory.
Whale Transaction and Market Reactions
An on-chain analysis platform, Whale Alert, reported a large DOGE transfer from the address starting with DDuXG… to Robinhood. This move occurred during a period of DOGE price increase, suggesting that the whale might be profiting.
Interestingly, the same address accumulated 226 million DOGE from Robinhood last month when DOGE was around $0.13. With DOGE currently priced around $0.15, the whale has made significant gains. This transfer worried investors because such large sales can typically create selling pressure on the price. Despite this, Dogecoin continued to trade positively.
Current Status of Dogecoin’s Price
According to recent data, DOGE is trading at $0.1561, up 3.65% in the last 24 hours. The memecoin‘s 24-hour trading range was between $0.1495 and $0.1569. Moreover, Dogecoin’s market cap stands at $22.41 billion, reflecting its resilience against potential negative pressure.
On the other hand, derivative data from Coinglass shows a 7.06% increase in Dogecoin’s open interest (OI), rising to $869.93 million. However, derivative volume has decreased by 7.10%, falling to $1.44 billion.
These mixed signals reflect speculative trading activity contributing to the uncertainty about Dogecoin’s future price movements. The Relative Strength Index (RSI) is at 52, indicating that DOGE is neither overbought nor oversold, adding to the mixed sentiments.
