Following the announcement of Mt. Gox’s commencement of payments, Dogecoin experienced a significant drop as Bitcoin prices fell. The market downturn coincided with increased whale activity and liquidations.
On Friday, the cryptocurrency market saw a substantial decline, affecting major altcoins such as Dogecoin. Data from Whale Alert confirmed large-scale transactions: 400 billion DOGE (worth $410,800) were transferred to Binance, and an additional 503,000 tokens were moved elsewhere, sparking speculation of a sell-off.
Dogecoin co-founder Billy Markus (Shibetoshi Nakamoto) commented on the decline of Dogecoin and Bitcoin, highlighting the diminishing symbol of financial freedom as prices fell.
Trader Tardigrade utilized the Wyckoff Accumulation pattern to predict a potential rebound for Dogecoin, identifying buying opportunities during the accumulation phase.
Read more:
Two altcoins could be potential good investments during economic downturns
$DOGE has been playing the Wyckoff Accumulation
“Spring” is almost here.
A huge rebound is coming next
Are you ready for #Dogecoin?
pic.twitter.com/2UGMUa5Mpl
— Trader Tardigrade (@TATrader_Alan)
July 4, 2024
Data from IntoTheBlock shows that the profit-taking ratio of DOGE holders decreased from 54-78% to 81%. Exchange net flow decreased by 1,248.3%, and transactions over $100,000 increased from 338 the previous day to 239 on April XNUMX.
Coinglass reported that on July 4, the liquidation volume of Dogecoin long positions surged to $180,000, the highest level since January 25. Short position liquidations also rose to XNUMX million dollars, the highest level since XNUMX month XNUMX day.
