Dogecoin’s monthly gains have been slashed to 90% amid the market sell-off and a whale offloading 86 million DOGE.
What Happened: Whale Alert data revealed that an unknown wallet address transferring 86 million DOGE, worth $14.1 million, to a Robinhood address, followed by another 4 million DOGE to another unidentified wallet.
The same wallet, known for large transfers, still holds an additional 4 million DOGE.
This transaction has sparked speculation within the crypto community about whether this sell-off reflects broader market movements or is a strategic move by a single trader.
According to Coinglass data, Dogecoin’s open interest dropped by 16.7% to $1.2 billion and its trading volume decreased by 20.3%.
Additionally, liquidations reached their highest point on March 5, currently standing at $10 million.
Also Read: Why Can’t Dogecoin And Shiba Inu Keep Up With Other Meme Coins?
Why It Matters: Data from BitInfoCharts indicates a consistent increase in the number of Dogecoin holders, underscoring the confidence of large holders in the meme coin.
IntoTheBlock data highlights an increase of 92.8% in large transactions to $5.29 billion.
In contrast, other meme coins like Shiba Inu (-5.4%) experienced drops in this metric. The number of daily active addresses also saw a significant increase of 13.5%, reaching 199,190. Moreover, approximately 86% of DOGE holders are currently in a profit position.
In response to the market drop, a technical crypto trader known as Cryptollica expressed optimism for Dogecoin’s future trajectory.
Despite the recent decline, the ongoing speculation around Tesla potentially accepting Dogecoin payments in the future has kept the community optimistic about the coin’s performance.
Analysts continue to hold a bullish outlook on Dogecoin.
Read Next: Dogecoin Up 115% In A Month And ‘Could Hit $1 By Mid-April,’ Says Crypto Analyst Ali Martinez
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