Dogecoin whales aren’t losing chance to realize some of their holdings, quickly cash out
As AZCoin News reported, Dogecoin recently had an over 25% price increase following the change of the official Twitter logo to Doge, as fans rushed to buy the meme cryptocurrency.
The quick price surge allowed Dogecoin whales to benefit from their lower-valued holdings. These astute investors bought in on the frenzy, sending Dogecoin back to previous levels on February 4.
DOGE/USD 4-hour chart | Source: TradingView
Dogecoin is trading at $0.0958, identical to the price increase on February 4th, spurred by a tweet from Elon Musk. Dogecoin’s recent price increase has let it break past key technical resistance levels, including the 50 and 200 exponential moving averages.
The current price movement can be ascribed to social media’s power and effect on the cryptocurrency market. Traders quick to respond to news and developments, such as the change in the Twitter logo, can make big gains quickly. This, however, provides an opportunity for whales to capitalize on market sentiment and benefit from their investments.
🚨 🚨 300,000,000 #DOGE (27,687,117 USD) transferred from unknown wallet to unknown wallethttps://t.co/dwX7rx5Hi0
— Whale Alert (@whale_alert) April 3, 2023
Whales have rapidly transferred large amounts of DOGE in the last 24 hours before the breaking news appeared. The purpose can be cash out, OTC trading,…
🚨 🚨 🚨 650,000,000 #DOGE (65,559,028 USD) transferred from unknown wallet to unknown wallethttps://t.co/j1HVESp3fT
— Whale Alert (@whale_alert) April 3, 2023
It is important to note that the rapid price fluctuations of Dogecoin and other meme cryptocurrencies might lead to heightened volatility, making them a risky investment for inexperienced traders. Individuals considering entering the market should be aware of the possibility of abrupt price changes and the impact of external variables such as celebrity endorsements and social media trends.
Read more:
- A Breakout From Dogecoin (DOGE) Price Could Trigger A Sharp Increase In April
- DOGE Surges 10% As Whale Holds 1.47B Coins Worth $123.1M Since January 1st
- DogeDesigner Offers To Visit Twitter Headquarters, Elon Musk Demands 3 Doge For Permission