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BTCUSD Bitcoin

66,278.48

1,039.24 (1.59%)

10:41:48 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,300,246,970,438	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,039.24	1.59%	66,278.48	66,279.09	66,279.10

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,500.00	65,113.46	65,296.50	65,239.24	24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:41:48	0.002344	66,279.10	USD

Price x Volume	Volume	Base Symbol	Related Pairs
232,355,384.88	3,525.69	BTC	BTCEUR	BTCGBP	ETHBTC

Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On?

02/05/2024 2:13pm

NEWSBTC

Dogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin frenzy, has found itself shivering in the current crypto winter. Once a symbol of retail investor exuberance, DOGE has plummeted over 70% from its sky-high peak, leaving its future shrouded in uncertainty. Related Reading: Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom DOGE Feels The Crypto Frost While Bitcoin, the heavyweight champion of the crypto world, grabs headlines with its recent wobble, the impact on memecoins like DOGE has been brutal. Unlike Bitcoin’s divided analyst opinions, the sentiment surrounding DOGE is decidedly bearish. At the time of writing, the memecoin was trading at $0.132, down 5.4% up the last 24 hours but sustained a 20% loss in the last seven days, data from Coingecko shows. Dogecoin price action in the last 30 days. Source: Coingecko Is DOGE A Canary In The Crypto Coal Mine? Some analysts believe DOGE’s struggles are a canary in the coal mine for the entire crypto market. They said if even a historically high-flying memecoin like Dogecoin can’t hold onto gains, it raises serious concerns about risk appetite in the crypto space in general. Dogecoin market cap currently at $18 billion. Chart: TradingView.com Whales Accumulating DOGE: A Glimmer Of Hope? However, a glimmer of hope flickers for the dethroned meme king. On-chain data suggests an increase in large wallet purchases of DOGE, hinting at potential accumulation by wealthy investors. This “contrarian” behavior could be a sign that some whales are using Coinglass or similar platforms to track Dogecoin derivatives and believe the coin is undervalued and ripe for a comeback. Source: Coinglass Coinglass, a popular cryptocurrency data provider, offers insights into factors that might be influencing the whales’ decisions. By analyzing metrics like open interest, funding rates, and liquidations on Coinglass, these investors might see an opportunity to buy DOGE at a discount. Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch In a similar development, Whale Alert, a well-known blockchain tracker, has reported that a DOGE whale arranged two large transactions in a single day. Some 150,000,000 Dogecoins were transferred in the first transaction, and an additional 76,316,694 DOGE were transferred in the second, for a total of almost 226 million DOGE. At the time, the meme cryptocurrency was worth around $40 million in fiat money. 🚨 150,000,000 #DOGE (21,281,922 USD) transferred from #Robinhood to unknown wallethttps://t.co/7U1CEfr2ZT — Whale Alert (@whale_alert) April 29, 2024 Can Dogecoin Thaw The Crypto Winter? The coming weeks will be critical for DOGE. The return of positive social media sentiment, coupled with continued accumulation by whales who might be strategically using Coinglass for market analysis, could be the spark that reignites the DOGE rally. However, if the broader market weakness persists, DOGE’s summer might be spent shivering in the doghouse. Featured image from Pixabay, chart from TradingView

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