• Over $34 million worth of Dogecoin moved from top wallets to unknown wallet addresses on the network. 
• Doge is yet to meet bullish market expectations, prices decline by over 7% in the last 7 days. 

An enormous amount of Doge moved, signaling bearish sentiments from Dogecoin observers. Tweeting about the massive Doge transfer, a Twitter handle keeping track of Doge price movement known as DogeWhaleAlert, reported the market action in a series of tweets.

A series of Dogecoin transactions sent from a whale account totaling at $10 million (10,245,188 DOGE) was transferred to an unknown wallet. The mystery whale account received the funds on February 10th, at 19:52 UTC time.

Presently, much is still not known about the wallet. DogeWhaleAlert disclosed that the mystery wallet is among the top 20 wallets in the Dogecoin market.

Other massive transaction transfers have been spotted on the network since the last event. In the last 2 hours, two whale addresses have each received 11,238,539 DOGE ($922,055 USD) and 5,000,000 DOGE ($410,265 USD) respectively.

Within the last 48 hours, well over $34 million worth of Doge has been sent to different unknown wallets, according to tweets from the whale tracker.

Dogecoin struggles to keep up with bullish expectations, but holders are persistent in securing long positions

The rise in Doge transfers from top whale accounts might be signaling a bullish outlook for the popular memecoin in the near term. Analysts in the market have speculated that bigger hands are responsible for this. Traders who hold a long position in the market might be attempting to add to their current positions in the market.

The underwhelming price performance from Dogecoin has not done much to stir up bullish sentiments among Doge traders in a while.

Dogecoin’s current price has failed to sustain momentum in the last 1-week. A 12% loss in the past 7 days has been sustained as a result. A mild recovery in the last hour has helped Doge stack up some gains. In the last 24 hours, Dogecoin’s losses have crossed 7%.

In October of last year, a descending pattern was spotted on the chart. The upper border of the descending triangle pattern has blocked a potential price breakout for Doge. It has sent the value of the memecoin downwards.

Whether a breakout or breakdown will be recorded is unknown at this time, but the pushback is still indicative of a continuous bear trend for Doge. Dogecoin could experience even lower lows if the asset drops below its present support levels.

The market is still looking forward to an external bullish trigger from Elon Musk. Twitter has continued with plans to integrate fiat and crypto payments to the microblogging app, and Dogecoin fans are confident that Doge will be selected as a crypto option.

Also read: Twitter launches long-awaited new feature – Can Dogecoin profit and the price rise?

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