Dogecoin has been praised as a star performer over the past year. It has handled market turmoil with strength. But after its rise in March and subsequent decline in April, there are signs that investors, especially significant holders, are ready to make funds.
This is clear from the substantial amount of DOGE deals marked on exchanges in the past few days. Moving coins to centralized platforms is often a sign that people think the price of a cryptocurrency will go down.
The community has raised concerns about the possibility of a selling spree as buyers try to exploit these platforms’ high liquidity.
Whale Alert, An on-chain tracking tool saw significant DOGE transactions to centralized exchanges in the past day. Notably, on April 14, a single transaction with 600 DOGE tokens was sent to Binance.
Dogecoin’s Value Surges Despite Challenges
These tokens were worth about $92.3 million at the time, but they could be worth close to $95 million now that the price of DOGE has increased.
After that, two more deals with enormous sums of funds followed suit. One was going to Robinhood with 100 million DOGE tokens worth $15.28 million, and the other was going to the same exchange with 99.25 million tokens worth $16.15 million. Around 800 million DOGE tokens were sent to centralized platforms, a sign that a sell-off is coming soon.
Even though there have been a few adverse signals recently, long-term views on Dogecoin remain positive, especially among crypto experts. Analyst Trader Tardigrade still thinks the price will go up, and he sees a possible 100% rise caused by a bullish chart formation that should happen after Bitcoin halving in April.
To get to $0.4 in the short term, this surge could take DOGE above the substantial $0.205 resistance level, which is currently a problem.
Dogecoin is still struggling to break through the barrier at $0.205. It is trading at $0.165. According to Coinmarketcap figures, it has gone up by 5.51 percent in the last day but down by 20 percent in the last week.
