Dogecoin Price Prediction as DOGE Whale Moves Millions of Tokens to Unknown Wallet – What's Going On?

cryptonews.com:

The Dogecoin price has barely moved in the past 24 hours, with its current price of $0.088410 representing a 7.5% gain in the past week. It also marks a 2% gain in the past month, with DOGE benefitting in this period from Elon Musk continuing to make cryptic allusions to the meme token.

The dogecoin price has barely reacted so far to reports yesterday that over $2.75 million in the token was transferred from multiple addresses to a single wallet. This could represent a whale preparing to sell his holdings in dogecoin, with other whales also having moved large amounts of the token in recent weeks.

DOGE's indicators look fairly promising, even if they could be interpreted both ways at the moment. Its relative strength index (purple) has risen above 50 after sinking to 40 earlier in the month, a sign that it's regaining some momentum.

On the other hand, the coin's 30-day moving average (red) has stopped climbing above its 200-day (blue), signalling that it may be due a fall.

This suspicion is supported to some extent by recent whale activity. Yesterday, one large holder moved 31,158,390 DOGE (now worth about $2.75 million) from several addresses to a single wallet.

So far, this quantity of DOGE hasn't moved, but transfers from other whales in recent days heightens the fear that larger investors may be preparing for a selloff. For instance, the past four hours saw a similar set of transfers, worth around $2.5 million.

Perhaps even more alarmingly, yesterday also witnessed a DOGE transfer worth over $5 million, with the dogecoin in question moving from a top-20 wallet to an unknown wallet.

It gets even worse, because February 17 also saw a wallet that had been dormant for over two years move DOGE worth $28 million to a new address.

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