Exchange balances reached a 6-month high $DOGE

One of the alarming signals is the increase in Dogecoin reserves on exchanges. As of July 21, more than 26.1 billion DOGE are on centralized exchanges. This is a six-month high. At a price of $0.27, that’s over $7 billion in DOGE ready to move.

When the DOGE balance on exchanges peaks, it often means that holders are preparing to sell. This can create bearish pressure on prices. We have seen similar situations before:

May 11: The balance on exchanges reached 23.76 billion DOGE. The price of Dogecoin fell from $0.23 to $0.21 over six days, a decrease of 8.6%.

May 23: The balance reached 23.86 billion DOGE. The price continued to fall, dropping from $0.225 to $0.15 over the month, a decrease of 33%. $WCT $BCH