Onchain Data Points to Dogecoin (DOGE) Whales Entering a New Altcoin Presale Worth $0.04; Expert Analysis
The post Onchain Data Points to Dogecoin (DOGE) Whales Entering a New Altcoin Presale Worth $0.04; Expert Analysis appeared first on Coinpedia Fintech News Dogecoin has witnessed a sluggish price momentum over the past month. Due to its utter hype-based tokenomics, investors are dumping their meme tokens to mitigate potential losses and secure positions in projects with stable and long-term sustainability. Despite a bullish rally of Bitcoin, DOGE price has again entered a consolidation phase, poised for further decline …
The post Onchain Data Points to Dogecoin (DOGE) Whales Entering a New Altcoin Presale Worth $0.04; Expert Analysis appeared first on Coinpedia Fintech News
Dogecoin has witnessed a sluggish price momentum over the past month. Due to its utter hype-based tokenomics, investors are dumping their meme tokens to mitigate potential losses and secure positions in projects with stable and long-term sustainability. Despite a bullish rally of Bitcoin, DOGE price has again entered a consolidation phase, poised for further decline in the upcoming days.
Dogecoin (DOGE) Price Consolidates Amid Whale Offloading
Dogecoin has always been the favourite of meme coin enthusiasts due to its backing by industry leaders like Elon Musk. Despite the token’s hype after Tesla integrated DOGE for the payments, DOGE’s price has swiftly declined after a brief recovery, failing to sustain above the crucial resistance level of $0.15.
Following the price decline, many DOGE whales have dumped their tokens, leading the trading volume to fall 33%. One such notable transaction according to on-chain data highlighted an offloading of 400 million DOGE, valued at approximately $62.8 million on the Robinhood exchange. This is fueling a speculative market sentiment for Dogecoin’s trajectory.
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