dogecoin $0.336461 Whales have come to the fore with the huge sales they have made recently. The sale of approximately 219 million DOGE on central cryptocurrency exchanges caused concerns in the markets.
Dogecoin Whales Sell
According to Whale Alert data, major investors sold a total of 219 million DOGE (worth approximately $74 million). This move sparked widespread debate in the meme coin community. These sales of whales increased speculation about how the Dogecoin price will be affected in the coming period.
In a recent interview, Elon Musk stated that the estimate of reducing $ 2 trillion from the federal budget was the “best case scenario” and said that it is now more realistic to reduce this amount by half.
These statements by Elon Musk about federal budget cuts deviated significantly from his initial predictions. Although Musk’s step back may be disappointing for DOGE, it will not affect the meme coin king as Dogecoin stopped being affected by this initiative long ago.
What is Dogecoin Price Performance?
DOGE price increased by 2% today and traded at $0.334. However, transaction volume decreased by 11% to $3.46 billion. According to CoinGlass data, Futures Open Interest for Dogecoin decreased by 1.5%, indicating a general bearish sentiment in the market.
On the other hand, a recent analysis suggests that DOGE could target the $0.35 level soon. Additionally, leading crypto asset management firm Grayscale reported that it is evaluating crypto assets such as DOGE and HBAR for new investment products in the future. These developments helped to stabilize the negative sales movements in the markets.
These dynamics in the Dogecoin market are among the important developments that crypto investors should follow carefully. The movements of whales and the statements of big names indicate that volatility in the cryptocurrency markets may continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
