$60M DOGE transfer to Coinbase triggers a 3.43% price drop as trading volume falls, with technicals suggesting a potential reversal.
Whale Alert, a prominent crypto tracking account, reported on X three significant Dogecoin transfers totaling 312,375,048 DOGE, valued at roughly $60 million, executed in three equal transactions.
Whale Dogecoin Transfers to Coinbase
The Dogecoin was moved to Coinbase, a major cryptocurrency exchange, from previously unknown wallets. Such activity often draws investor attention, signaling that large holders, or “whales,” are repositioning their Dogecoin.
The first transfer was logged at 8:40 PM WAT, followed by two more identical transfers within the hour. Each Whale Alert post is linked to transaction details. Such large transfers to Coinbase may indicate an intent to sell.
These whale movements align with broader ecosystem trends, such as institutional Bitcoin purchases, demonstrating how major players influence market dynamics.
DOGE Price Falls 3.43% as Trading Volume Drops
Post-transaction, Dogecoin’s price saw fluctuations. CoinMarketCap data showed the coin at $0.1939, down 3.43% in 24 hours.
The chart indicated a recent peak of $0.2001 before the decline. The price is now testing the $0.19 support level. For new investors, holding above $0.19 could signal potential recovery, while falling below may lead to further declines.
Trading volume over the past 24 hours was $1.73 billion, down 26.15%, indicating reduced DOGE trading activity compared to the prior day.
Technicals Suggest Possible DOGE Reversal
TradingView’s technical indicators provide insights into DOGE’s price. The MACD showed negative values.
The RSI is 32.97, slightly up from 28.58, indicating that Dogecoin is not yet oversold. This suggests a potential market reversal soon.
Despite a slight uptick this session, DOGE remains in a downtrend. A rising RSI or a green MACD could signal a reversal.
The ADX at 43.14 indicates a strong market trend, as values above 25 often attract trader attention. This suggests that a significant price movement may be imminent.
