The Dogecoin price could face significant selling pressure following a whale’s transfer of billions of DOGE coins to the Robinhood crypto exchange. This move follows the meme coin’s recent price surge, which makes it one of the top gainers in the crypto market.
Dogecoin Price Could Drop Following 1.74 Billion DOGE Transfer
The Dogecoin price faces a potential decline following a whale’s transfer of 1.74 billion DOGE ($278 million) to Robinhood. The whale made these transfers in six separate transactions, and on-chain data shows that the Dogecoin investor transferred 290 million DOGE coins in each transaction.
These DOGE transfers to the top crypto exchange are significant, considering the amount involved and the significant sell pressure it could put on the meme coin. Transfers to exchanges are typically bearish, as they indicate that the holder is looking to offload their coins.
This whale could undoubtedly be looking to take profits, considering how much gains the Dogecoin price has recorded following this recent crypto market rally. The foremost meme coin is up over 19% in the last seven days.
The meme coin has enjoyed this price surge partly because of Elon Musk’s indirect support through the Department of Government Efficiency (D.O.G.E). Meanwhile, DOGE is also up thanks to the Bitcoin price rally, with the flagship crypto retesting its current all-time high (ATH) of $73,700.
The Meme Coin’s Outlook Still Bullish
Despite the potential sell pressure that it could face, the Dogecoin price still boasts a bullish outlook. In an X post, crypto analyst Ali Martinez mentioned that history hints that November could spark a parabolic bull run for DOGE. He advised market participants to keep an eye out for a sustained close above $0.20.
However, historical data from Cryptorank shows that November has always been a mixed month for the top meme coin. DOGE has only recorded four positive monthly returns since 2013, although it recorded a price gain of 22% in November 2023.
Meanwhile, the Dogecoin price is in bullish territory based on the sentiment in the crypto market at the moment. Bitcoin is expected to break its all-time high (ATH) sooner rather than later, especially with pro-crypto Donald Trump looking likely to be the next US president.
Donald Trump becoming the next president is also bullish specifically for the meme coin since that would pave the way for Elon Musk to go ahead with his proposed Department of Government Efficiency. DOGE will gain more attention because of its similarity with the D.O.G.E acronym, ultimately leading to more price rallies.
The post Dogecoin Price At Risk As Whale Transfers 1.7B DOGE appeared first on CoinGape.
