Dogecoin sees significant decline as Bitcoin falls after news of payouts from Mt. Gox. The market decline coincides with increased whale activity and liquidations.
On Friday, the crypto market experienced significant declines, affecting major altcoins like Dogecoin. Whale Alert data shows large transactions: 400 million DOGE ($41.08 million) were transferred to Binance, and another 50.3 million tokens were transferred elsewhere, sparking speculation of sell-offs.
Shibetoshi Nakamoto, co-founder of Dogecoin, commented on the decline of Bitcoin, emphasizing its symbolic power of financial freedom, which diminishes with price declines.
Trader Tardigrade predicts a potential rebound for Dogecoin, using the Wyckoff accumulation model to identify buying opportunities during accumulation phases.
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During times of economic downturn, these 2 altcoins could be potentially good investments
$DOGE has been playing Wyckoff Accumulation
“Spring” is here right now.
Next will be a Huge Rebound
Are you ready for your #Dogecoin? pic.twitter.com/2UGMUa5Mpl
— 交易商緩步動物 (@TATrader_Alan) July 4, 2024
Data from IntoTheBlock shows a decline in profit-taking among DOGE holders, down to 54% from 78-81%. Net exchange flows decreased by 1,248.3%, while transactions over $100,000 increased to 338 on July 4 from 239 the previous day.
Coinglass reported a sharp rise in liquidations of long positions in Dogecoin, amounting to $7.4 million on July 4, the highest value since June 18. Liquidations of short positions also increased to $1 million, the highest value since June 25. [Image]