Dogecoin, one of the most popular meme coins, is once again in the spotlight of the crypto community after high DOGE whale activity was noticed online.
These transactions, coupled with the DOGE price falling below the $0.18 level, triggered increased speculation about the future price movement of the major meme coin.
Mass liquidations and Dogecoin market corrections led to a drop in the DOGE price, but the high whale activity surrounding the token has investors wondering about the future trajectory of Dogecoin in anticipation of the BTC halving, CoinGape reported.
According to Whale Alert, a blockchain tracker that monitors whale activity, 583.75 million DOGE have been seen moving in the last 24 hours.
For example, Whale Alert reported that 229 million DOGE worth $42.95 million were transferred from Robinhood to an unknown wallet. At the same time, 60.26 million coins worth 11.14 million were transferred to the platform by another whale.
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Similarly, 58.81 million DOGE worth $11.03 million were transferred from Coinbase to an unknown wallet, while 234.68 million DOGE worth $43.61 million were transferred from an unknown address to the same exchange.
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These transactions highlight the mixed sentiment in the DOGE market and contribute to the uncertainty surrounding Dogecoin's future movement.
At the time of writing, Dogecoin's price was able to recoup early losses and was up 0.77% at $0.186860.
At the same time, CoinGlass data shows a 2.67% decline in the token's open interest, which was accompanied by a drop in the OI-weighted funding ratio to 0.0219%. This data confirms the reluctance of investors to increase their long positions.
It is worth noting that crypto investors continue to keep a close eye on DOGE ahead of the halving, as historical data suggests that altcoins mimic the price movement of BTC.
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