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In the world of meme coins, Dogecoin stands at the pinnacle, capturing all the attention in the broader crypto market on Wednesday morning. A massive whale transaction occurred in the token about 2 hours ago. The Doge transaction, caught by Whale Alert, which closely monitors whale transactions on the blockchain, made headlines for the day. In the notable transaction, 100 million DOGE were transferred from a wallet to exchanges.
Comments on Dogecoin (DOGE)
As of the time of writing, Dogecoin had a negative outlook. The possibility of the whale, who transferred to the exchange, potentially making massive sales increased the anxiety among investors due to the potential impact on the DOGE price.
While all this was happening, there were developments related to the adoption of the token wallet, and in recent days this situation has increased significantly. This had provided additional benefits for the price movement of DOGE over time.
On the other hand, according to data provided by Whale Alert, approximately 100 million DOGE, valued at about 7.83 million dollars, were sent today, on February 7th, from an unknown wallet, …wwKF, to Robinhood, a notable financial services provider in the USA.
The DOGE sale, which triggered a slight decline in the meme coin, also sparked great curiosity among crypto market followers. The increase in supply and the decrease in price occurred in parallel.
While all this was happening, on the other hand, the open interest for the token experienced a decrease of 2.25%, coming down to 438.64 million dollars at the time of writing. This situation, when examined, revealed that investors were leaving the market in a manner consistent with the liquidation related to the whale transaction in question.
What is the Current Price of DOGE?
As of the current hour, the price of Dogecoin has experienced a slight decrease of 0.40% in the last 24 hours and is trading at the level of 0.07832. In addition, weekly and monthly indicators show a decrease of 1.53% and 3.10%, respectively.
Despite the entry of 100 million in supply, the robust appearance that the price presents to investors seems to be a result of the recent increase in the number of wallets.
Despite all this, due to the transfer to exchanges by the whale, the price chart of the meme coin could visibly move in a downward direction. This situation is being closely monitored by participants in the cryptocurrency world.
