Data Shows That a Fresh Wallet Received 172.2M DOGE From Binance

  • The tweet added that the whale had bought DOGE under the influence of Twitter’s recent logo change.
  • At press time, the price of DOGE is down almost 2% to trade at $0.08215.

Lookonchain (@lookonchain) tweeted this morning that a new Dogecoin (DOGE) wallet received 172.2 million DOGE from Binance earlier this morning. According to the tweet, the value of the DOGE amount was $14.33 million at the time the transfer was performed.

The post went on to add that a whale had bought DOGE under the influence of Elon Musk changing the Twitter logo.

At press time, the price of the meme coin is down 1.97% over the last 24 hours according to CoinMarketCap. This has added to DOGE’s negative weekly price performance – taking the total weekly loss down to 2.95%. As a result, DOGE is currently changing hands at $0.08215.

Not only did DOGE weaken against the U.S. Dollar, but also weakened against the two crypto leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.58% and 0.60% respectively.

4-hour chart for DOGE/USDT (Source: TradingView)

DOGE’s price has been in a sharp decline over the last 48 hours and dropped below the 9 EMA line on the 4-hour chart on Wednesday evening. Shortly thereafter the altcoin’s price dropped below the support level at $0.09310 as well as the 20 EMA line on the 4-hour chart.

DOGE’s price did try to recover back above the 9 and 20 EMA lines on its 4-hour chart on Thursday evening but was unable to do so – resulting in a continued drop in the altcoin’s price in the days that followed. This continued downfall with DOGE’s price then forced the meme coin’s price below the next key support level at $0.08526.

At press time, DOGE’s price is still trading below the 9 and 20 EMA lines on the 4-hour chart, and is resting on the critical support level at around $0.08031.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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