Did A Dogecoin Whale Just Sink The DOGE Ship? The $30-Million Transfer Mystery

Christian Encila

1 year ago

3 mins read

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Riding a wave of hope lately is the meme-inspired cryptocurrency known as Dogecoin (DOGE), which boasts a devoted fanbase. Its price jumped almost 8% over the week, much to investors’ pleasure. But a recent action by a major DOGE holder clouds the future price path of this energetic dog.

Dogecoin Fueled By Market Bulls And Short Squeeze

DOGE has been contentedly waving its tail as the general attitude towards cryptocurrencies has been positive lately. The price rose significantly last week; the good times seemed to be rolling with a 3% increase over the past 24 hours alone.

DOGE 7-day price action. Source: Coingecko

This drove DOGE’s price to a happy $0.152, so lighting many investors who have been patiently waiting for a continuous ascent smiles back on their cheeks.

The party didn’t only occupy the spot market. With Dogecoin Futures open interest at a reasonable 9%, the derivatives market also saw a noteworthy increase in activity.

This points to traders, especially those trying to profit from possible price swings using futures contracts, showing a fresh curiosity.

Short sellers have been feeling the heat lately, fueling the fire. Coinglass claims they had experienced liquidations of a whopping $2.27 million.

This might set off a short squeeze, in which case short sellers have to purchase back DOGE to cover their positions, therefore driving the price higher. Still, this encouraging trend depends on whether it can overwhelm the possible selling pressure resulting from a recent whale movement.

Whale Alert: Big Transfer Sparks Speculation

A deal involving a whale sent ripples of worry across the Dogecoin community, just as things were looking good for DOGE. Whale Alert’s data showed that the trading platform Robinhood received a shockingly 200 million DOGE, worth around $30.86 million.

This large action has drawn criticism since many believe the whale might be getting ready to pay out a sizable percentage of their ownership. A big sell-off could bring notable selling pressure, hence possibly deraying DOGE’s present upward momentum.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Technical Analysis: Breaking Trends And Potential Pullbacks

Technically speaking, DOGE seems to be trying to buck its daily decline by peering behind the hood. For bulls, this is a favourable indicator of a possible change in market mood. Further investigation reveals that DOGE lately entered an order block, which has been driving continuous price rise.

Featured image from War History Online, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.