Dogecoin (DOGE) Nosedives As Bitcoin (BTC) Awaits Mt. Gox Repayments, Whales Make Moves
- WBOYOriginal
- 2024-07-17 01:51:391150browse
Dogecoin DOGE/USD experienced a significant price drop as Bitcoin declined in anticipation of the Mt. Gox repayments. This period also saw a spike in whale movements and liquidations.
Dogecoin (CRYPTO: DOGE) experienced a significant price drop as Bitcoin (CRYPTO: BTC) faced a decline in anticipation of the Mt. Gox repayments. This period also saw a spike in whale movements and liquidations.
The cryptocurrency markets witnessed a drastic drop on Friday, with leading altcoins and meme coins like Dogcoin taking a hit.
According to Whale Alert, around 400 million DOGE, valued at $41.08 million at the time of the transaction, was moved from an unidentified wallet to the crypto exchange Binance. Meanwhile, another 50.3 million DOGE was transferred to an unidentified wallet. The post garnered substantial attention, with many speculating about an impending dump.
Dogecoin co-founder Billy Markus, also known as Shibetoshi Nakamoto, commented on Bitcoin’s significant drop, stating, “Bitcoin is freedom. Freedom that slowly erodes when the price goes down.”
Crypto analyst Trader Tardigrade predicted a huge rebound for the meme coin. In technical analysis, Wyckoff Accumulation is a concept employed by traders to identify potential buying opportunities before a significant price increase. By recognizing the accumulation phase, traders aim to enter positions at lower prices, anticipating the subsequent markup phase.
IntoTheBlock data highlighted a drastic drop in the percentage of holders making profits at current levels, falling to 54% from the earlier 78-81%. Meanwhile, exchange net flows reported a plunge of 1,248.3%. On the other hand, transactions greater than $100,000 increased to 338 on July 4, up from 239 transactions on July 3.
Coinglass data revealed a spike in Dogecoin long liquidations, reaching $7.4 million on July 4, the highest since June 18. On July 5, long liquidations stood at $6 million. Short liquidations reached $1 million, the highest since June 25.
The influence of Bitcoin as an institutional asset class will be extensively discussed at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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