Dogecoin has declined by around 6% over the last 24 hours, as data shows signs of dumping from the whales.
Dogecoin Whale Deposits To Exchanges Spotted On The Chain
As per data from the crypto transaction tracker service Whale Alert, there have been some large DOGE movements during the last day.
The first of these transfers measured to 212,300,000 DOGE, worth around $26 million at the time the transaction took place.
Such large transactions on the chain usually belong to a single whale, or an entity made up of multiple investors.
Here are some additional details regarding this Dogecoin transfer that may reveal why this movement of coins was done:
Looks like this huge transaction only took $0.27 in fees to be possible | Source: Whale Alert
As you can see above, this Dogecoin transfer was made from some unknown wallet address, to a wallet belonging to the crypto exchange Coinbase.
Generally, unknown addresses such as these are personal wallets, or at the very least not attached to any centralized platform like an exchange.
Since the destination of this transfer was Coinbase, an exchange, it’s an example of an exchange inflow. As investors usually deposit to exchanges for selling purposes, inflows can have bearish effects on the price of DOGE.
In this case, the inflow was especially large and was likely coming from a whale, which could suggest the whale made the transfer to dump the crypto.
Another huge transfer was made just a few hours after this one, this time to the crypto exchange Binance. Below are the details for this inflow.
The sender seems to have paid an even more negligible fee for this one | Source: Whale Alert
This transaction amounted to around 43,677,440 DOGE travelling on the blockchain, worth almost $5 million at the time it took place.
Although this inflow was much smaller than the other one, it still carries a very significant amount, and is also probably from another whale.
Whales dumping in quick succession like this is certainly not a positive sign for Dogecoin. And indeed, as it turns out, not too long after these transactions were made, the price of the crypto started dropping off, and has since declined by more than 6%.
At the time of writing, Dogecoin’s price floats around $0.1158, up 1% in the last week. Over the past month, the crypto has gained 82% in value.
The price of the memecoin seems to have been on the decline during the last few days | Source: DOGEUSD on TradingView
Featured image from Crystal Mapes on Unsplash.com, chart from TradingView.com