Dogecoin whales sent shockwaves across the broader crypto landscape on Wednesday, embarking on a dumping spree amid broader market turmoil. The latest whale data signaled that roughly 312 million tokens were offloaded into cryptocurrency exchange Coinbase. In response, traders and investors reflect bearishness surrounding DOGE price prospects, with market concerns further solidifying due to another on-chain metric.
Dogecoin Whales Dump 312M Tokens Amid Market Turmoil Raising Concerns
According to transaction tracker Whale Alert on X, Dogecoin whales offloaded roughly 312 million coins to Coinbase on February 26. Three massive whale transactions collectively showcased the transfer of $64 million worth of tokens.
For context, crypto whales are large-scale investors holding substantial influence over the market and crypto prices. Their dumping chronicles usually signal a loss of confidence in the asset’s potential to offer gains. As a result, market participants also reflect a bearish stance on future price actions.
Other Key Metric That Solidifies Concerns
Simultaneously, crypto market analyst Ali Martinez revealed in a recent X post that DOGE network activity has declined 95% since last year. Notably, data indicates that the active network addresses dropped from 2.66 million in November last year to a mere 130,282 to date.
Source: Ali Charts, XWhen coupled with the massive Dogecoin whale selloffs, on-chain metrics collectively reflect the loss of market interest.
How Is The Meme Coin Performing Today?
As of press time, DOGE price conversely witnessed a 5% increase in value, closing in at $0.2125. The leading meme coin hit a bottom and peak of $0.1968 and $0.2139 in the past 24 hours. The current price upswing defies the usual bearish market sentiments prevailing in light of the abovementioned market statistics.
However, it’s worth mentioning that weekly and monthly charts for the token show a drop of 16% and 31%, respectively. This broader crash is what appears to have prompted the Dogecoin whale selling.
Meanwhile, it’s also noteworthy that the broader slumping action mirrors the current broader crypto market trend. Bitcoin and altcoins currently face volatility due to macroeconomic heat and liquidity issues in the market. As a result, traders and investors continue to exercise caution when trading risk assets, bringing volatility to prices.
On the other hand, another key on-chain metric sparked contrasting speculations among investors. Notably, DOGE long-term holders are in ‘denial,’ as revealed by Ali Martinez. This data indicated that despite market fluctuations and price volatility, long-term holders have been optimistic about the crypto’s long-term prospects.
Source: Ali Charts, XThe post Dogecoin Whales Offload 312M DOGE Amid Market Turmoil, What Lies Ahead? appeared first on CoinGape.
