DOGE Whale Transfers Millions of Coins to Unknown Wallet – Dogecoin Price Forecast What exactly is going on?

by February 22, 2023 · Latest News

DOGE Whale Transfers Millions of Coins to Unknown Wallet

Dogecoin’s price has barely moved in the previous 24 hours, with the current price of $0.088410 marking a 7.5% increase in the last week. This reflects a 2% increase in the last month, with DOGE profiting from Elon Musk’s frequent cryptic allusions to the meme token throughout this period.

So yet, the Dogecoin price has shown no reaction to reports that around $2.75 million of the currency was transferred from many addresses to a single wallet yesterday. This might be a whale looking to liquidate its Dogecoin holdings since other whales have moved large amounts of the currency in recent weeks.

DOGE Whale Transfers Millions of Coins to Unknown Wallet – Dogecoin Price Forecast What exactly is going on?

DOGE’s indicators look to be highly optimistic, even if they may be read either way at the moment. Its relative strength index (purple) has risen over 50 after slipping below 40 earlier this month, suggesting that it is regaining ground.

DOGE Whale Transfers Millions of Coins to Unknown Wallet - Dogecoin Price Forecast What exactly is going on?

On the other hand, the coin’s 30-day moving average (red) has stopped advancing above its 200-day moving average (blue), signaling that a decline is imminent.

Recent whale behavior supports this view. Yesterday, a significant holder moved 31,158,390 DOGE (about $2.75 million) from many addresses to a single wallet.

Although this quantity of DOGE has not yet moved, transfers from other whales in recent days have fuelled suspicions that larger investors are preparing for a selloff. A similar sequence of transfers totaling nearly $2.5 million occurred in the previous four hours, for example.

A DOGE transfer valued at more than $5 million occurred yesterday, with the dogecoin in question moving from a top-20 wallet to an unknown wallet.

Worse, on February 17, a nearly two-year-old wallet moved DOGE worth $28 million to a new address.

While this is purely speculative for the time being, it is very plausible that larger investors intend to sell. Undoubtedly, the signals lead to a loss for DOGE, while the general market’s gains over the previous week or so have slowed.

Even if DOGE falls from its current level of $0.08841, it is still well positioned for future gains. This is mostly thanks to Elon Musk, who has been a vocal supporter of the meme token.

For example, only a week ago, Tesla and Twitter inventor Elon Musk mentioned Dogecoin in a famous tweet about his Shiba Inu puppy, Floki.

Similarly, he wore a Dogecoin T-shirt to Super Bowl LVII, where he sat next to Rupert Murdoch, owner of Fox Corp. and News Corp.

Such actions all contribute to the anticipation that Twitter will eventually accept dogecoin payments. Such hopes peaked a few weeks ago when the Financial Times reported that the social network was moving forward with its digital payment plans and that it had even applied for regulatory licenses throughout the United States.

Given Elon Musk’s long-standing support for dogecoin, as well as suggestions last year that he could explore implementing DOGE payments, this revelation gives credence to predictions that dogecoin will soon be a payment option on Twitter.

Of course, the most recent report made no specific mention of DOGE, so it’s anyone’s guess whether Musk’s hazy suggestions will come true. If they do, there is little question that DOGE would skyrocket, maybe hitting entire digits a few weeks after any possible Twitter inclusion.

For the time being, a more realistic aim for 2023 would be about $0.13, according to a recent analysis by crypto-exchange Changelly. While this is barely newsworthy, it represents a 47% increase from its current level.

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