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Dogecoin (CRYPTO: DOGE) experienced a significant price drop as Bitcoin declined in anticipation of the Mt. Gox repayments. This period also saw a spike in whale movements and liquidations.
What Happened: The cryptocurrency markets witnessed a drastic drop on Friday, with leading altcoins and meme coins like Dogcoin plunging.
Whale Alert data indicated that around 400 million DOGE, worth $41.08 million, was transferred from an unknown wallet to the crypto exchange Binance. Meanwhile, another 50.3 million DOGE was transferred to an unknown wallet. The post received several interactions, with many indicating that a dump is incoming.
Dogecoin co-founder Billy Markus aka Shibetoshi Nakamoto reacted to Bitcoin's significant drop, stating, "Bitcoin represents freedom. Freedom that slowly erodes when the price goes down."
Also Read: Dogecoin Is ‘Something To Keep An Eye On’ For The First Time In Months, Says Trader
Why It Matters: Crypto analyst Trader Tardigrade predicted a huge rebound for the meme coin. In technical analysis, Wyckoff Accumulation is used by traders to identify potential buying opportunities before a significant price increase. By recognizing the accumulation phase, traders aim to enter positions at lower prices, anticipating the subsequent markup phase.
IntoTheBlock data noted a drastic drop in the percentage of holders making profits at current levels, falling to 54% from the earlier 78-81%. Meanwhile, exchange net flows reported a plunge of 1,248.3%. On the other hand, transactions greater than $100,000 increased to 338 on July 4, up from 239 transactions on July 3.
Coinglass data revealed a spike in Dogecoin long liquidations, reaching $7.4 million on July 4, the highest since June 18. On July 5, long liquidations stood at $6 million. Short liquidations reached $1 million, the highest since June 25.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Photo: Shutterstock
Posted In: $DOGE
