Dogecoin Whales Move 350M Coins in 2 Weeks: What’s Happening?

Dogecoin Whales Move 350M Coins in 2 Weeks: What’s Happening?

Key Insights

  • Soon after SpaceX's failed test flight, Dogecoin took a massive -12% hit from its daily high of $0.093 to $0.083
  • Meanwhile, more than 350 million DOGE (+$26.5 million) has been transferred between 11 different wallets in the last two weeks of April.
  • Due to similarities with Bitcoin, the SEC may never come after DOGE
  • Dogecoin stands a real chance of declining to $0.064

Due to the failed test launch of SpaceX/Elon Musk's Starship rocket and a decline in the overall cryptocurrency market, DOGE took a significant hit sometime around April 20.

The rocket was branded on the side with the Dogecoin logo and was expected to provide some visibility to the memecoin, just weeks after  Twitter's logo was also unexpectedly changed to that of Dogecoin.

However, four minutes after launch, the SpaceX rocket broke apart and exploded. Soon after, Dogecoin took a massive -12% hit from its daily high of $0.093 to $0.083.

Whales Show Interest In Dogecoin

Dogecoin (DOGE) has been on the upswing in the last six months, with a price gain of almost 41%.

More than 350 million Dogecoin (DOGE), worth more than $26.5 million has also been transferred between 11 different wallets in the last two weeks of April, according to the Whale Alerts' Twitter account. This suggests that a whale may be purchasing the memecoin massively but in tranches.

And in recent developments, as reported in a tweet by DOGE Whale Alerts, 159,347,709 DOGE (USD 12,420,357) has just been transferred from one Top-20 wallet to another, (indicating a purchase, or a single whale combining their holdings).

This is without mentioning the mystery remark from Burger King sometime in the last few weeks.

Responding to a tweet announcing that Burger King in Paris now accepts Bitcoin, the Burger King UK handle tweeted "We need DOGE".

This has sparked speculation among investors who are now asking whether the fast food chain will soon be accepting Dogecoin as payment, alongside Bitcoin.


Is Dogecoin A Security?

Marshall Hyner, a board member of the Dogecoin foundation spoke with Fox Business in an interview as part of the celebration of the 20 April Dogecoin [DOGE] Day.

When asked if the SEC would ever pursue DOGE in the same way that it pursued XRP, Hyner responded in the negative. The board member responded by saying that the U.S. SEC "can not" target the memecoin.

He explained his reasoning by stating that DOGE was comparable to Bitcoin [BTC], hence it could not be referred to as security.

He said that DOGE is a community-driven project, and its decentralized design may have therefore enabled it to avoid the SEC's hounding.

Hyner also acknowledged that he does now like the SEC's methods of enforcing regulations.

He advised the SEC to aim instead, at developing regulations to assure supervision and project survival.

Hyner stated that he believes that some organizations create and control centralized businesses. But, just because a cryptocurrency has centralized organizations doesn't imply it isn't decentralized.

The SEC has not yet pursued DOGE like the others or even brought it up in any way. Furthermore, it is uncertain at this point if the agency will ever come after the memecoin in the future.

Despite this, the SEC has mostly focused its regulatory attention on cryptocurrencies that are regarded as securities, including initial coin offerings (ICOs), and related activities.

Dogecoin Price Analysis

The entire crypto market is bearish from a 7-day perspective, and DOGE is no exception.

The memecoin, while slightly bullish over the last 24 hours (+1.6%), has declined heavily by 10.5% over the last seven days.

<em>Snapshot showing Dogecoin's price action</em>
Snapshot showing Dogecoin's price action

DOGE, in the charts, is showing strong signs of bearishness. The cryptocurrency has been in a range since Q4 of 2022 and has been on an ascending trendline since hitting a low of $0.062 in early March.

Chart showing Dogecoin's decline
Chart showing Dogecoin's decline

As shown above, the cryptocurrency has now broken through this line and appears to be reaching lower territory.

However, something interesting can be pointed out in the charts:

DOGE's current price action is only repeating a pattern that happened from 1 January to 5 February.

Chart showing Dogecoin's decline
Chart showing Dogecoin's decline
Chart showing Dogecoin's pattern
Chart showing Dogecoin's pattern

After breaking through the last ascending trendline sometime around 10 February, the price of the memecoin reversed for a retest and fell further downwards to the $0.064 resistance.

A look at the charts shows that the RSI has wandered into bearish territory, and DOGE is now under the control of the bears.

If Dogecoin's behaviour is anything to go by from here, the cryptocurrency may retest the trendline around $0.085 before falling further to $0.064.

Chart showing Dogecoin's possible price action
Chart showing Dogecoin's possible price action

However, if Dogecoin breaks through this trendline to the topside again, a rally to $0.1 – $0.11 might become possible.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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