After news of Mt. Gox’s payouts began, the price of Dogecoin plummeted significantly alongside Bitcoin. The market decline coincided with increased whale activity and liquidations.
On Friday, the cryptocurrency market experienced a sharp decline, affecting major altcoins such as Dogecoin. Data from Whale Alert confirmed substantial transactions: 4 billion DOGE ($41.08 thousand) were transferred to Binance, with an additional 503 thousand tokens moved elsewhere, sparking speculation of sell-offs.
Dogecoin co-founder Billy Marcus (Shibetoshi Nakamoto) commented on Dogecoin’s decline compared to Bitcoin, highlighting its symbolic strength of financial freedom weakening with price drops.
Trader Tardigrade utilized Wyckoff accumulation patterns to forecast potential rebounds in Dogecoin, identifying buying opportunities during accumulation phases.
Read more:
Two altcoins may be potential good investments during economic downturns.
$DOGE
Playing Wyckoff accumulation all along
“Spring” is right around the corner.
A massive rebound is coming
Are you ready?
#Dogecoin
?
pic.twitter.com/2UGMUa5Mpl
– Trader Slow Animal (@TATrader_Alan)
July 4, 2024
Data from IntoTheBlock showed profit-taking by DOGE holders decreased from 54-78% to 81%. Exchange net flows dropped by 1,248.3%, while trades over $100,000 increased from 338 transactions the previous day to 239 on April 25.
According to Coinglass, on July 4th, Dogecoin’s long liquidation volume sharply rose to $180,000, reaching its highest level since January 25th. Short liquidation also increased to $X,XXX thousand, the highest since X month X day.
