The cryptocurrency market is paying attention to a huge dogecoin transaction (doge). A whale has transferred 100 million slats, or about $ 25.42 million, for Binance. The move has raised questions that a seat is about to happen or if this is only another typical change in the investments.
The activity of the whales sparkle the concerns
When an important cryptocurrency holder moves a considerable amount of their participations in an exchange, usually it means they want to sell. Consequently, the price of the doge could decrease, which would cause smaller investors to react. However, the cryptocurrency expert Ali Martinez noticed a decline in the whale activity in general, suggesting that the main investors do not act aggressively for the moment.
Balena activity on #Dogecoin $ Doge The network decreased by almost 88% from mid -November! pic.twitter.com/6x4cih3mf8
– Ali (@ali_charts) February 17, 2025
The current performance of the doge market indicates the vagueness. At the time of drafting, the price is $ 0.255622; A maximum intraday is $ 0,257605 and a bass is $ 0,250725. These swings involve a rather limited trading interval; But, if the most significant owners decide to sell their actions, volatility could increase.
The feeling of the market remains divided
According to some traders, Balene’s transfer is a bearish signal, while others believe that its influence can be negligible unless an influx of additional coins occur. Dogecoin has a story of reaction abruptly to whale movements; However, this time the aggregate sales pressure seems to be submissive.
The ongoing discussion concerning a potential fund negotiated by exchange (ETF) is another significant factor that affects feeling. If an ETF acquires momentum, it can attract institutional investors, potentially contrasting any sales pressure from whales. However, the market is currently in a state of supposition, since no official approvals or timing have been announced.
The road to go for dogecoin
Despite the whale move, the doge price continues to remain stable, but if the feeling of the market changes, there may be a further drop. A further unloading can occur if the price of the doge drops below $ 0.25, which could further reduce the price. On the other hand, a strong purchase activity can act as a barrier to decrease further.
Investors options
The whale movement reminds us of the speed with which the retail trade dynamics could change. Some people may decide to maintain their positions since they hope that possible catalysts such as the ETF will increase prices, while others adopt a more cautious approach, looking for signs of increasing whale activity before deciding what to do later.
First floor image from Medium, a tradingView graphics