Dogecoin Down 15% On The Week, But Whale Activity Means It 'Looks Fantastic,' Says Crypto Trader

Despite Dogecoin's DOGE/USD lull in performance in the past week, crypto traders and analysts continue to remain bullish about Dogecoin’s performance.

What Happened: Whale Alert data indicated that 204.6 million DOGE, worth $35.2 million, were transferred from Binance to an unknown wallet. Separately, two unknown wallets also withdrew 99.9 million tokens from Binance.

Since early April, the meme coin leader has witnessed a spike in whale transactions through two major exchanges – Coinbase and Robinhood. Whale Alert data shows, that on April 4, around 234.7 million DOGE were transferred from an unknown wallet to Coinbase.

Also, on the same day, 80 million and 121.4 million DOGE, in two separate transactions, was shifted from Robinhood to an unknown wallet.

A dormant Dogecoin whale was observed activating his wallet, which held 3.7 million DOGE, worth $662,519, has been activated for the first time since January 2014. The wallet transferred 2,000 DOGE to two unknown addresses.

The move comes amid the DOGE community eagerly waiting for DogeDay on April 20.

Also Read: Dogecoin ‘Running The Cycle Of 7 Years,’ Says Trader: ‘We Won’t Believe Doge Will Be $2, $9 & $40’

Why It Matters: While price movements do not indicate bullish signals, these sudden movements in whales and dormant whales being active again support the bullish trader expectations for the meme coin.

Heavily-followed crypto trader CRG tweeted that "DOGE looks fantastic" and after the altcoins get back above their quarterly opens, it will witness a parabolic run.  

Another technical chart pattern analyst, Trader Tardigrade, states that there is a "bullish crossover" in Dogecoin's MACD signal. He recalls it being the same signal as when Dogecoin spiked to its all-time high.  

$Doge signals with a Bullish Crossover in MACD.🚀
This is the same signal just before $doge spikes to new ATH in history.#DogeDay is coming on 20 April 🔥 pic.twitter.com/bJLrrSpPYO

— Trader Tardigrade (@TATrader_Alan) April 5, 2024

Price Action: Dogecoin is trading at $0.1793 at the time of writing, down 0.3% on the day and 15.8% on the week.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Major Crypto Influencer Announces $300K Purchase Of These 3 Meme Coins: ‘The Same Conviction I Had With Dogecoin’

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