Recently, exchanges have removed a large amount of Dogecoin (DOGE) worth $30 million. The liquidation of $200 million worth of cryptocurrency coincides with this move.
The major move into self-custody could be a good sign for the meme coin, even though the market as a whole crashed.The daily DOGE/USDT picture clearly shows a downward trend.
Volume analysis shows that there has been more trading action along with the price drop, which is often a sign of panic selling. The Relative Strength Index (RSI) is currently hovering around 35, indicating a potential oversold condition for DOGE. This means that there may soon be less pressure to sell.
Dogecoin Whale Activity Surge
The $30 million flow of DOGE out of exchanges is a clear sign of whale behavior. When large holders move their assets to self-custody, it usually means they want to keep them for a long time. This move could ease sales pressure by lowering the amount of DOGE available on platforms.
This could help keep prices stable or even lead to a rebound. This shows that whales are optimistic about the future of the asset because they are planning to hold DOGE for a long time in case the price goes up in the future instead of selling right away.
This market-wide decline has affected almost all digital assets, including DOGE. It’s possible that Dogecoin’s hardest times are over, given the rise in self-custody and large payments.
With fewer exchange stocks, there may be less pressure to sell, which could cause prices to level off. If the current amounts of support stay in place, DOGE could be ready for a slow recovery.
