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Whale Alert, a prominent crypto and blockchain tracking platform, has a huge DOGE deposit amid the Dogecoin price crash. This massive deposit, containing over 70 million DOGE tokens, was moved by an anonymous whale to Binance, the world’s largest crypto exchange. Additionally, the lofty Dogecoin transaction comes on the heels of a recent 10% price crash in the meme coin.
Whales move over 70 million Dogecoin to Binance
The recent Dogecoin price crash may have caused that causes fear among investors, such as DOGE whales suddenly sell their property. With analysts and traders express Many are hoping for an impending Dogecoin price breakout voice leading frustration and concern over DOGE’s continued sell-off, fearing further slowdowns in market momentum.
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Particularly Whale Alert spotted a substantial Dogecoin transfer on January 7. The cryptocurrency tracker reported that approximately 70,081,124 DOGE tokens were sent to Binance. This massive deposit, worth over $27.6 million, has caught the attention of the crypto market, as most large-scale whale transactions tend to do.
When an asset is transferred from a wallet to a crypto exchange, it typically signals the potential for a sell-off. This is because investors often move their holdings to crypto platforms like Binance when they intend to liquidate their positions.
The recent transfer of 70 million DOGE is a large-scale market move that could do that lead to greater volatilitywhich could potentially cause more downside for Dogecoin. At the time of writing, CoinMarketCap data shows that the Dogecoin price has fallen by more than 11.2% in the past 24 hours. Given the meme coin’s sensitivity to small changes in market trends, further sell-offs could increase fears of further declines, potentially driving even more downward pressure on Dogecoin.
Crypto analyst Ali Martinez in particular has done this reported on X (formerly Twitter) that Dogecoin’s TD sequential presents a sell signal on the daily chart. Given this development, Martinez states that a Dogecoin price correction is to be expected as widespread liquidations often lead to a downtrend.
Analysts warn against selling DOGE
After this broke out Ascending triangleIt seems that Dogecoin has returned to the top, testing it as a new support zone and aiming to overcome this level to continue the uptrend. Crypto analyst Trader Tardigrade shared a chart at potential to achieve a new ATH from $0.95.
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Consequently, Dogecoin investors are urged to stay the course as the meme coin undergoes this critical phase in its price action. Trader Tardigrade has emphasized that now is not the time to sell prematurely or short DOGE, as this could result in missing out on the expected price increase to a new ATH.
Featured image created with Dall.E, chart from Tradingview.com