Whale-watching bot Whale Alert has detected that two major investors are sending massive amounts of altcoins to centralized exchanges. The fact that the transactions are worth half a billion dollars scares the selling pressure.
Altcoin whales dump these two cryptos onto exchanges
As reported by whale tracker Whale Alert, over the past 24 hours, half a billion dollars’ worth of Ethereum (ETH) has been transferred to the US central exchange Coinbase. This was followed by Ethereum’s falling more than 10% last week and 1.2% in the last 24 hours. Transactions were carried out from three different wallets, 149,999 ETH, again 149,999 ETH, and finally 23,432 ETH, moved to three different wallets affiliated with Coinbase. The funds are most likely moved to the central exchange for sale. The three transactions were worth $488,670,044 in total.
Altcoin whales transfer 1.2 billion Dogecoins
In another eye-catching transaction detected by WhaleAlert, Dogecoin saw $99,241,593 transferred in the last hours. In this transaction, a total of 1.2 billion DOGE were moved between anonymous wallets. Three consecutive transfers each carried 400 million Dogecoins after the cryptocurrency had recorded significant losses in the past 24 hours.
BTC, ETH, DOGE down, here’s why
The aforementioned weekly ETH price drop has occurred since Wednesday, February 8th. The biggest decline in the two big red candles was observed as 5.15% of ETH price was wiped out on Thursday. At the time of this writing, Ethereum is trading at $1,521 per token. Ethereum generally follows Bitcoin’s price movements. BTC also dropped 4.64% from $22,748 to $21,692 since Thursday. It has been cooling off the momentum of January in Ethereum in recent weeks.
The decline in the cryptocurrency market was due to the increase in the Consumer Price Index (CPI) in December. According to some economists, this increase increased the risk of rising inflation. “U.S. monthly consumer prices rose in December rather than falling as previously predicted, and data for the previous two months have also been revised upwards, with some economists predicting higher inflation in the coming months,” Wu Blockchain on Twitter quoted Reuters. He said reading them increases his risk.”
U.S. monthly consumer prices rose in December instead of falling as previously estimated and data for the prior two months was also revised up, which some economists said raised the risk of higher inflation readings in the months ahead. https://t.co/ENQOc4d5uD
— Wu Blockchain (@WuBlockchain) February 11, 2023
What’s next for Dogecoin?
Dogecoin’s recent decline has left investors questioning once again whether it has really come out of the bear market. While the meme coin is still showing an impressive 60% increase from its lows in 2021, sustained fluctuations make it difficult for them to stay positive.
On the other hand, competitors of Dogecoin like Shiba Inu, Baby Doge Coin, BONE and other related meme coins are witnessing the uptrend. In the last 24 hours or 60 days, DOGE killers have successfully outperformed the leading cryptocurrency in the market. DOGE, meanwhile, is moving downwards.
cryptocoin.comWe have included Dogecoin price predictions for February in this article.
