In an exhilarating plot twist witnessed not too long ago, a Dogecoin whale’s huge selloff seems to be garnering vital consideration amongst crypto market merchants and traders globally as DOGE not too long ago dropped to the $0.15 mark, following a notable upward momentum showcased prior to now few days. Aligning with a considerable crypto market crash witnessed yesterday, ensuing from colossal selloffs, this DOGE offloading chronicle birthed bearish sentiments on one of the outstanding meme cash globally.
Dogecoin Whale’s Offloading Mirrors Bearishness
According to the insights unveiled by the blockchain tracker Whale Alert, a whopping 118.40 million DOGE, value $19.75 million, was famous to be shifted to Robinhood by an unknown pockets tackle at the moment, March 16. This selloff birthed a tidal wave of bearishness on Dogecoin, aligning with its current fall, because the transaction additionally showcased the whale’s lack of confidence within the abovementioned asset.
Meanwhile, with speculations of a possible meme coin rally finish hovering over the crypto horizon, as nearly all of meme tokens famous a dip in current days, this selloff added as much as the tidal wave of bearish ideas on the Elon Musk-supported meme coin.
While, within the interim, market dynamics for DOGE additional fueled speculations over a continued droop forward.
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Dogecoin Slips
As of writing, Dogecoin’s price famous a considerable drop of 4.17% over the previous 24 hours and is at present resting at $0.1604. The meme token even slipped as little as $0.15 at the moment, alarmingly piquing worldwide consideration. With the whale’s selloff additional weighing in, a bearish sentiment for the token prevails throughout the broader crypto market.
Derivatives knowledge highlighted by Coinglass moreover showcased bears taking management, because the open curiosity and quantity dropped 6.32% and 48.57% concurrently. This hinted at decreased market participation amongst traders, accompanied by a possible insecurity in DOGE’s short-term prospects, including as much as destructive sentiments available in the market.
Meanwhile, the RSI hovering someplace round 58 signaled that the asset will not be overbought or oversold. This, coupled with derivatives knowledge and a worth fall, pointed to a cautious outlook for the asset within the close to time period, with bears at present dominant.
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