Whales are liquidating significant amounts of crypto assets despite the market rebound, with Dogecoin the latest to see a potential sell-off.
The global crypto market cap increased by 1.49% in the last 24 hours, to trade at $3.31 trillion. The notable rise culminated in a market rebound, with Bitcoin reclaiming $95,000 and Dogecoin $3.3.
At the same time, the activities of the whales seem to suggest a cautious approach by market participants. Large holders continued to get rid of their assetswith a recent Dogecoin whale transaction attracting attention.
Dogecoin whales move significant funds to Coinbase
Whale Alert highlighted a notable change in Dogecoin on Friday. In two parallel tweetsthe on-chain tracker discovered possible DOGE sales worth a total of $74 million.
Interestingly, on-chain analysis shows that both transactions occurred simultaneously, sparking curiosity within the Dogecoin community. The two separate wallets moved the tokens to the same exchange.
In the first reported transaction, wallet address “D8hi4d” transferred 112.6 million DOGE to “D6Dz1p”, identified as a Coinbase custodial wallet. The transaction, worth nearly $38 million, took place at 11:01 a.m. (UTC) on Friday.
At the same time, another portfolio, “D7fXyK” moved 106.4 million DOGE to the Coinbase deposit address. Meanwhile, both addresses were left with nothing after the transaction, emptying their holdings in preparation for a possible sale on Coinbase.
Dogecoin is trading at crucial support
Although Dogecoin showed signs of life today, the meme coin is still trading near crucial support, according to the analyst. Crypto Zeinab identified. The meme coin consolidated around the area between $0.3435 and $0.3085 for days before a January 3 breakout turned former resistance into support.
How Dogecoin handles the demand zone will determine its next price action. The analysis shows that the dog-themed token could rebound from the region to retest its January 4 high of $0.3988 or fall further to the Fibonacci level of $0.618 to $0.2730.
Meanwhile, DOGE is trading at $0.3309, up 3% in the last 24 hours.
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