Crypto Whale Moves 990M DOGE, Potentially Impacting Price

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Massive Dogecoin Transfer: What impact does the shift of 990 million DOGE have?

A so-called “whale”, i.e., an owner of a large amount of cryptocurrencies, has transferred 990 million Dogecoins (DOGE) to another address. This transfer could potentially affect the price of the meme currency.

Details of the Transfer

The blockchain tracking platform Whale Alert detected a transfer of 990 million DOGE from one wallet to another on January 16. At the time of the transfer, the coins were worth about 79.75 million US dollars. However, Whale Alert could not verify the identity of the participants in the transaction.

Possible Impact on DOGE Price

If the coins were sent to an exchange, it could be assumed that they are for sale. However, it is unclear at this point whether the transaction will actually result in a sale.

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On January 9, a similar transaction occurred where about a billion coins were moved from Binance to another wallet. Shortly after this transaction, DOGE rose from $0.076 to $0.085. Since then, however, the price has fallen again and is currently at $0.082.

Changes in DOGE Circulation and Open Interest

Circulation shows the number of coins involved in transactions within a certain timeframe. If circulation decreases, it means there is less selling pressure. An increase in circulation, however, could indicate increased usage, which could predict a price drop.

At this point, the one-day circulation of DOGE has risen to 14.48. Similar to circulation, open interest on the exchanges has also risen to 111.96 million.

Outlook on DOGE Price Development

The combination of increasing circulation and open interest suggests a possible price drop for DOGE. The Accumulation/Distribution (A/D) indicator confirms this potential.

On the 4-hour chart, the A/D has settled at 27.14 billion. This suggests that the distribution has stopped, but no accumulation is taking place.

In summary, the Dogecoin price could fall below $0.08 or fluctuate between $0.080 and $0.083 for the time being. However, if buying pressure increases, DOGE could break the resistance at $0.083. In this case, a rise to $0.09 could be next.

Sources: Whale Alert, Santiment, TradingView

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