In a major market move, a Dogecoin whale transferred 100 million DOGE, worth approximately $25.42 million, to the Binance exchange. This notable transaction has sparked debate about the future price trend of Dogecoin.
Dogecoin Whale's Big Transaction
According to data from Whale Alert, a Dogecoin whale has just made a massive transaction, transferring 100 million DOGE ($25.42 million) via Binance. The transaction was made from the wallet “A8tdnDg3oxG”, however the identity of the owner is still unknown.
Source: Whale Alert
This large-scale shift has created uncertainty among cryptocurrency analysts and investors, raising concerns about the potential for Dogecoin's price to face downward pressure.
Market experts always monitor the impact of whale trades as they can signal a change in market trends. Currently, there has not been any significant price decline, but analysts are still keeping a close eye on this development.
Ability to break out of the current model
Cryptocurrency analyst Ali Martinez points out that Dogecoin is forming a symmetrical triangle pattern on the hourly chart, signaling an upcoming price movement. According to his assessment, this pattern could cause the price of DOGE to rise or fall by about 25%, marking a crucial phase for this cryptocurrency.
Hourly DOGE/USDT chart | Source: Ali Martinez/X
Moreover, the technical structure that Martinez describes is also a signal that often predicts major price movements in the cryptocurrency market.
As Dogecoin approaches the peak of the triangle pattern, traders are closely monitoring market sentiment to determine whether the price will break upward, triggering a bullish trend, or fall below, opening up a bearish trend.
Impact of the Dogecoin ETF
Additionally, the recent proposal by NYSE Arca to list Grayscale's spot Dogecoin ETF has introduced a new factor to market sentiment. If the U.S. Securities and Exchange Commission (SEC) approves this ETF, it could boost investor sentiment, contributing to a rise in Dogecoin's price.
The interest surrounding this ETF fund marks an important step in financial institutions gradually accepting a cryptocurrency that was once doubted due to its 'meme' origins.
