Dogecoin Declines Amid Increased Whale Activity
Dogecoin saw a significant drop as Bitcoin fell ahead of Mt. Gox repayments. The market downturn coincided with increased whale activity and liquidations.
On Friday, the cryptocurrency market faced notable declines, affecting major altcoins like Dogecoin . Whale Alert data showed large transactions: 400 million DOGE ($41.08 million) moved to Binance, with another 50.3 million DOGE transferred elsewhere, sparking sell-off speculation.
Billy Markus, Dogecoin co-founder (Shibetoshi Nakamoto), commented on Bitcoin’s decline, emphasizing its symbolic freedom value, which decreases with price drops.
Trader Tardigrade predicted a potential Dogecoin rebound, using Wyckoff Accumulation to identify buying opportunities during accumulation phases.
IntoTheBlock data noted a decrease in profit-taking among DOGE holders, down to 54% from 78-81%. Exchange net flows plummeted by 1,248.3%, while transactions over $100,000 rose to 338 on July 4, up from 239 the previous day.
Coinglass reported a spike in Dogecoin long liquidations, totaling $7.4 million on July 4, the highest since June 18. Short liquidations also rose to $1 million, the highest since June 25.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
With capital outflows from crypto ETFs, can issuers like BlackRock still make good profits?
BlackRock's crypto ETF fee revenue has dropped by 38%, and its ETF business is struggling to escape the cyclical curse of the market.
Incubator MEETLabs today launched the large-scale 3D fishing blockchain game "DeFishing". As the first blockchain game on the GamingFi platform, it implements a dual-token P2E system with the IDOL token and the platform token GFT.
MEETLabs is an innovative lab focused on blockchain technology and the cryptocurrency sector, and also serves as the incubator for MEET48.
Electricity theft exceeds $1 billion, Malaysian bitcoin miners face severe crackdown
In Malaysia, the crackdown on illegal bitcoin mining gangs has turned into a game of cat and mouse.
2025 Crypto Prediction Review: 10 Institutions, Who Got It Wrong and Who Became Legends?
We can consider these predictions as indicators of industry sentiment. If you use them as an investment guide, the results could be disastrous.
Trending news
MoreWith capital outflows from crypto ETFs, can issuers like BlackRock still make good profits?
Incubator MEETLabs today launched the large-scale 3D fishing blockchain game "DeFishing". As the first blockchain game on the GamingFi platform, it implements a dual-token P2E system with the IDOL token and the platform token GFT.
Crypto prices
More
