Dogecoin (DOGE) Price Plummets Amid 86 Million DOGE Unload

Dogecoin (DOGE) Price Plummets Amid 86 Million DOGE Unload

Dogecoin (DOGE) Price Plummets Amid 86 Million DOGE Unload

An anonymous whale’s unexpected sale of 86 million Dogecoin (DOGE) sent Dogecoin’s price tumbling downhill

In an unexpected turn of events, Whale Alert, a monitoring service, discovered a significant transaction employing the meme-inspired cryptocurrency Dogecoin (DOGE).

An anonymous whale quickly unloaded an astounding 86 million DOGE, worth around $14.12 million, to popular US-based broker Robinhood. This surprising action has caused waves in the DOGE market, notably in price.

The sender, identified only by the address “DF8j,” has a history of large-scale transactions; the most recent transactions are consistent with earlier ones. Despite the big sell-off, the whale’s wallet still contains four million DOGE, valued at around $645,242.

Whale Alert (@whale_alert) March 15, 2024

Dogecoin (DOGE) Price Condition

Simultaneously, the value of DOGE fell throughout today’s trading session. DOGE has lost 8.8% of its value since the start of trade, with the reduction topping 10% at times. This decline has resulted in significant liquidations, with holdings worth more than $2.26 million forced to close, primarily long positions.

DOGE is now trading at $0.161 and has a market capitalization of about $23 billion. Despite the downward trend, trade volume remains strong, at 28% over yesterday’s levels. With a trading turnover of more than $5.15 billion, Dogecoin is the seventh-largest cryptocurrency by volume.

Dogecoin (DOGE) Price Plummets Amid 86 Million DOGE Unload
Dogecoin (DOGE) Price to USD by coinmarketcap

While regular investors have been aggressively purchasing DOGE and entering long futures bets, these mysterious whales’ behavior has provided a striking contrast. It needs to be clarified if this massive sell-off is part of a more significant trend or the choice of a single prominent investment. Only time will tell the full significance of this unexpected and considerable swing in the Dogecoin market.

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