Dogecoin (DOGE), the popular meme coin that Turkish crypto investors include in their portfolios, was transferred to the crypto exchange Binance by a famous whale. Experts warn DOGE investors, reminding that this could turn into a sell-off for the altcoin. Meanwhile, an unnamed whale has also transferred DOGE rival Shiba Inu (SHIB) to Crypto.com and Gemini. Dogecoin (DOGE) price and detailed market data from here you can see.
Whale unloaded DOGE on Binance!
According to whale watching platform Whale Alerts, one of the top 20 Dogecoin (DOGE) whales transferred a total of 190,840,745 tokens from an unknown account to Binance, worth about $15.5 million. This was perceived by crypto exchanges as a bearish signal that a reasonable sell-off had begun. Because whales are known as those who hold the stability of any token. Therefore, their actions can either increase or disrupt the price momentum of such an asset.
Ease of cash in and out of crypto exchanges is the cornerstone of the new crypto economy in today’s Web3.0 world. DOGE is more prone to this kind of big move as there is little definition of transfer. At the beginning of these definitions is that the funds are being prepared to be liquidated in the stock market. According to experts, if the market sentiment continues to be negative, it is possible for the altcoin price to decline in the near term.
Altcoin price performance
Dogecoin’s current price action and liquidation data show completely different results. At press time, the original meme-coin was trading at $0.08073, down 1.88% in the last 24 hours and 8.32% in the last 7-day period. These data show that DOGE is being pressured downward by traders. At present, however, few purges seem to be taking place. According to data from CoinGlass, the Binance exchange, which Whale is supposed to carry the funds, has recorded a total liquidation of $31.84 in the last 24 hours.
There is no evidence that Dogecoin is among the top 12 most liquidated cryptocurrencies according to the analytics service provider. The top 5 most liquidated cryptos include Bitcoin (BTC), Ethereum (ETH), Optimism (OP), Polygon (MATIC), and Aptos (APT), respectively. Based on these data, it stands out that Whale’s intention to transfer the funds remains unclear. According to experts, if they were transported for sale, it’s possible that the whale in question had not timed it correctly.
Meanwhile, there is no rule that obliges any crypto holder to HODL their assets. So there is no structure for liquidation should a whale choose to do so. As a result, the Dogecoin Whale may decide to dump the money all at once or repeatedly. Whatever approach the whale chooses, DOGE investors need to be prepared for contingencies, experts say.
Whale transfers 182 billion SHIB to Crypto.com and Gemini
A whale previously identified by Lookonchain has moved 182 billion SHIB, according to the latest on-chain data shared by on-chain analyst Lookonchain. The $2.3 million SHIB moved to Crypto.com and SHIB.
This whale was previously identified by Lookonchain, where the user transferred 200 billion SHIB to Crypto.com on December 20, 2022. After the transfer in December, the price of SHIB fell by 7%. However, the last transfer did not affect the altcoin price. At press time, SHIB is trading at $0.00001241, down 1.97% in the last 24 hours in line with the general market.
Whales have always had a lot of interest in meme-coins, including SHIB. Whales regularly took trading actions when the price fluctuated. The Shiba Inu is also known for its volatility, which is used by whales to make quick profits. The altcoin has performed relatively well in 2023, gaining 60% in value over the past 60 days. Meanwhile, cryptocoin.comAs you’ve been following, Shibarium is expected to be released soon, while the community expects the price to increase.
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