314M Dogecoin (DOGE) Frenzy Ensues Despite Memecoin Slump

• Whale cashes out 314M DOGE from Binance with one clear motive.
• Dogecoin plummeted below $0.17 amid a 7-day market correction.
• On-chain metrics turn mostly red for DOGE amid weekly price lows.

The top dog crypto, Dogecoin, has made it to the crypto limelight again, leading the all-around memecoin frenzy by social dominance and claiming a new yearly peak at $0.223 at 8 PM GMT on March 31, 2024. However, today’s DOGE price movement has the largest canine coin trading in a sideways channel at $0.169, according to independent price aggregator CoinGecko.

Crypto Whales Seizing Huge Opportunities?

Despite scorching past $0.20 again after a slight market correction on April Fool’s Day, Dogecoin’s upward trajectory is now challenged by piling sell orders on Spot cryptocurrency markets. According to the blockchain research platform CoinPaprika, there are $135 million pending sales across cryptocurrency exchanges.

However, this did not stop whales from racking up more DOGE at a presumably discounted price. As DOGE plunged below $0.17 today for the first time since March 24, one crypto whale has been spotted shuffling 304,588,737 Dogecoins to two wallets.

According to the blockchain explorer BlockChair, both associated wallets still hold the millions of DOGE they received. As the shuffled crypto hasn’t been sold off, the whale’s move could be perceived as accumulation.

Here’s Why DOGE Army Remains Optimistic

Despite the ongoing crypto market correction already taking its toll on DOGE with a 20% backtrack over the past seven days, many crypto enthusiasts on Twitter remain relatively positive about its future. Veteran crypto analyst The Doge Coach expects DOGE to bring home a new high this quarter, putting trust in the possible inclusion of DOGE in X Payments.

The peer-to-peer (P2P) system on Twitter hasn’t launched yet, but the creation of an X Payments account back in January 2024 has given the DOGE Army something to look forward to, sparking much enthusiasm among cryptocurrency newcomers and marking a 1,095% spike in new registered wallets.

However, the network growth has been stalling since April kicked in, as the on-chain metrics point to red indicators in large transactions, daily active addresses, and a slight decrease in network fees , according to IntoTheBlock. 

This raises the question of whether Dogecoin’s recent bull rally to $0.22 is sustainable. While DOGE has been no stranger to social hype, the frequent celebrity endorsements in 2021 have inspired its pinnacle so far, which was claimed nearly three years ago at $0.73.

On the Flipside

• Despite the memecurrency department being notorious for fluctuating prices, many crypto enthusiasts see Dogecoin as a long-term investment.
• This is evident in the 2.2 years of average token holding time, while 80% of current DOGE custodians are making a profit at this price.

Why This Matters

Dogecoin is the largest memecurrency with a global market capitalization of $25 billion and the largest blockchain employing a Proof of Work (PoW) consensus, aside from Bitcoin.

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