$DOGE 200M DOGE Floods Exchanges
Data from Whale Alert shows a massive increase in the amount of DOGE tokens entering exchanges. On June 14, 200 million DOGE valued at more than $35 million were sent from an unknown wallet to the OKX exchange. Such a move could signal that a large player is looking to sell Dogecoin, and this may worsen the current conditions even as the price fails to make significant moves.
This inflow coincides with a spike in the Age Consumed Metric, which indicates that a large volume of previously unmoved coins has gone to exchanges. This surge usually shows selling behavior as large holders realize profits and exit their positions.Once the selling pressure from long-term holders eases, Dogecoin price may begin to trend higher if history repeats itself. However, until this happens, it may continue to face weakness within the current consolidation range until there is enough demand to absorb the sold coins.
In conclusion, Dogecoin is at a crucial point as the price stalls within consolidation. The dominance by short sellers could be causing the tight consolidation. Meanwhile, some large holders could be looking to sell after 200M DOGE moved to exchanges while the Age Consumed metric spiked.
