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Dogecoin Regains $0.1 Support Despite Whales Dump 500M DOGE

Release: 2024/07/06 17:47 Reading: 605

Original author:Coingape News Media

Original source:https://coingape.com/?p=206226

Dogecoin Regains $0.1 Support Despite Whales Dump 500M DOGE

Dogecoin Rallies After Whale Selloff

Dogecoin, the prominent meme coin, has rebounded, reclaiming its $0.1 support level with a 15% increase. This recovery comes despite a substantial selloff by two major Dogecoin holders ("whales") who transferred over 500 million DOGE to exchanges during a wider crypto market downturn.

The market volatility has fueled discussions about the motivations behind the whale activity. However, today's rally saw two significant DOGE transactions identified by Whale Alert, an on-chain transaction tracker.

The first transaction involved 370 million DOGE (approximately $39.34 million) being transferred from a wallet labeled "DU8gP...guBr5" to Binance. The second whale with the address "DGyy2...RJ15g" sent 137 million DOGE (approximately $13.9 million) to Robinhood.

These substantial movements have sparked speculations within the crypto community, with analysts suggesting the whales may have panic sold in response to the market downturn to mitigate potential losses.

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