Whales transfer more than 514m Dogecoin as the price aims for $0.1
Dogecoin (DOGE) whales have transferred more than 514 million tokens today as the meme-inspired cryptocurrency experiences a resurgence and aims to reach the $0.1 price level amidst the recent market recovery.
Whale Alert, a well-known tracking resource for crypto whales, has reported these transactions. The first and larger transaction took place today at 6:56 AM (UTC), involving 450 million DOGE, which was worth $41.55 million at the time of the transfer.
The identities of both the sender and the recipient wallets are unknown due to limited information. The recipient address had recently emptied its balance before receiving this substantial influx of tokens. Since then, they have held onto the assets and now have a balance of 450 million DOGE.
On the other hand, the sender appears to be an institutional investor or an exchange. Following the transaction, their address currently holds 558.7 million DOGE, valued at $51.9 million.
The second whale transaction occurred shortly after the first one and involved the transfer of 64.7 million Dogecoins from an unknown wallet to Coinbase. The sending address, which became active in August, had been consolidating these tokens through a series of inflows before offloading them to Coinbase today.
The recent movements of these whales have raised concerns about potential sell-offs, as Dogecoin is starting to recover from its recent downtrend. Notably, DOGE experienced a 7.52% drop from $0.093 on December 15 to a low of $0.086 yesterday.
As the cryptocurrency market has been recovering, DOGE is following the trend and attempting to reach the December 11 high of $0.1071. With a 1.82% increase in the past 24 hours, the memecoin aims to end a streak of daily losses, which saw it register intraday declines on December 17 and 18.
Interestingly, Dogecoin is currently in a consolidation phase after a previous uptrend from late November to early December. During this consolidation, the asset has formed a bullish pennant on the daily timeframe. A breakout from the upper trend line could lead to a continuation of the uptrend.
If the broader market continues its recent recovery, Dogecoin could potentially achieve the much-anticipated breakout. Currently trading at $0.093, Dogecoin would need to overcome resistance levels at $0.097, $0.099, and $0.1029 in order to breach the upper trend line of the pennant.
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