In a bearish turn of events, a particular whale in the Dogecoin ($DOGE) ecosystem raised concerns by offloading 400 million Dogecoins for approximately $140 million USD on a single Tuesday. On-chain metrics reveal
That 400 million DOGE was moved into an exchange, causing anxiety amongst investors with the token’s latest price dip. In the last day alone, the meme coin has witnessed a decrease of close to 10% whilst the market is wary on what further impact this would have in the future.
Other leading meme coins like Shiba Inu (SHIB), PEPE, and TRUMP have also been in the red suggesting that the market is anticipating the end of a meme coin season.
Dogecoin Whale Sells Off His Assets Causing A Dip In The Market
According to Whale Alert, a Dogecoin whale recently transferred 400 million coins valued at roughly $137 million to the Binance crypto exchange. Moreover, an unknown wallet address set to carry out the transaction was also created.
For context, large whale transfers to exchanges are an indicator of the larger scale investors’ lack of confidence in the asset. Consequently, the other market participants are wary of the future move of the prices.
DOGE Lawsuit Stops Progress
The last D.O.G.E. lawsuit concerning Elon Musk’s government advisory board was yet another event that kept the market participants anxious. As CoinGape has reported, a US-based regulatory agency has launched a lawsuit against the organization over charges for breaching federal laws on transparency.
As a response, the market sentiment surrounding the dog-branded meme token plunged amidst legal issues. In between these, the latest selloff by the Dogecoin whale shows the decreased risk appetite of the market participants.
Elon Musk Stirs Speculation With Recent Comments
He could also mean something entirely different by saying “DOGE To Mars”. When taken together with the recent Department of Government Efficiency executive order issued by the White House, it becomes unclear why some are suing, some are celebrating, and some are simply being concerned regarding the political maneuverings taking place.
Meme Coins’ Price Under Heat
On the other hand, DOGE experienced an intraday low of $0.3448 or dropped 9% from the previous day. The meme coin’s range within the last 24 hours was between $0.3359 low and $0.382 high.
The dips and increments seem to be consistent with the ongoing Dogecoin legal issues and the selling pressures from Dogecoin whales.
On the other hand, this significant sell-off has opened up many possibilities regarding the closure of a meme season cycle, as investors have begun to speculate.
Recently, other top performing meme coins like SHIB, PEPE, and TRUMP have also suffered a range of price losses between %5 to %26. All eyes are glued to the market in anticipation of further price movements considering the sector’s lenient volatility.
Interestingly, So does a recent Dogecoin price analysis given by CoinGape estimate that there is considerable bullish sentiment about the cryptocurrency, especially in the longer timeframe.
The strongest resistance zone, which most traders request attention around, are 0.4837 dollars if exceeded would imply further price pumps.
