Inspired by memes, the popular memecoin Dogecoin (DOGE) has once again drawn attention following its strong rally. However, amidst this rise, over 270 million DOGE from three significant whale transactions were detected.
Whales Get Active as Price Surpasses $0.1 Mark
As Dogecoin‘s price recently surpassed the $0.1 level, creating upward momentum for the memecoin, whale-level transactions emerged, sparking speculation among crypto enthusiasts.
Whale Alert, which detects and publicly shares significant movements on blockchains, identified three major whale transactions for DOGE, indicating both buying and selling activities. Two anonymous wallet addresses purchased 222.07 million DOGE from Robinhood, while another anonymous wallet address transferred and sold 53.99 million DOGE to the leading cryptocurrency exchange Coinbase.
The mixed feelings among crypto whales have led to speculation about DOGE’s future price trajectory among traders and investors.
Data from Derivative Market Signals Caution
As news of whale transactions surfaced, DOGE began trading in the red. The memecoin’s downturn is associated with increased whale activity.
On the other hand, data from Coinglass indicates a bearish trend in the derivative market for Dogecoin. This decline is corroborated by a 6.79% drop in DOGE’s price over the last 24 hours, with the memecoin currently trading at $0.1209.
The recent price drop in Dogecoin is accompanied by a market activity decline, as evidenced by Coinglass’s data showing a 9.25% decrease in memecoin open interest and a 13.85% reduction in trading volume. Additionally, the weighted funding rate for open interest in Dogecoin is also falling, indicating a decreased readiness among traders to open long positions.
