JAKARTA Dogecoin rallied 30 percent in January amid the recovery of the crypto market. However, the sell-off across the market in the last two days has also led to a slight drop in DOGE prices.
In addition, whales have sold DOGE meme coins due to the decline in interest among traders, with Shiba Inu which is the most eye-catching amid the release of the Beta Shibarium.
According to Whale Alert, a whale transferred 1,400,000,004 Dogecoin (DOGE) tokens worth 117.53 million US dollars (Rp1.7 trillion) to the Binance crypto exchange on January 25. Within five minutes, the whale transferred 985,000,236 DOGE tokens worth 82.66 million US dollars (Rp 1.2 trillion) from Binance into its wallet.
On-chain data reveals that the whale purchased 1,400,000,000 DOGE tokens on May 23 last year. Although whales became active following the recent sharp market recovery, the lack of interest from Dogecoin fan Elon Musk to integrate meme coins into Twitter has led to a sell-off by whales.
Traders expect a drop in crypto prices across the market, as there is no significant drop in the prices of Bitcoin and Ethereum. This shows that the market is still very volatile and requires more stabilization before it can reach a better balance.
However, even though the market is experiencing a decline, this does not mean that crypto has no bright future potential. Instead, it shows that the market is still in the recovery stage and still has room for growth.
At the time of writing, DOGE is trading at IDR 1,300. DOGE prices have increased by 3 percent in the last 24 hours. While in a week DOGE experienced a significant increase of 7 percent, according to Coingecko data.
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