Dogecoin Fear and Greed Index Remains Steady Amid Large DOGE Sales

A significant transfer of the meme coin DOGE has been detected, involving a large amount being moved from an anonymous wallet to Coinbase, a leading U.S. cryptocurrency exchange. This transaction, which occurred over 22 hours ago, involved the transfer of 110 million DOGE, along with an additional transfer of 2,637,273 DOGE.

This substantial movement of DOGE is believed to be the action of a whale selling their assets; however, it has not affected the price or any major metrics associated with the cryptocurrency. Current sentiment around DOGE, measured by the Fear and Greed index, reflects a cautious market mood.

In a recent analysis, cryptocurrency expert Ali Martinez suggested that DOGE has the potential to rise towards the $1 mark, provided that the weekly candle closes above the $0.0835 level. The cryptocurrency is nearing the apex of a long-term descending triangle pattern, having closed at $0.05696 on Sunday. Martinez cautioned investors to closely monitor the support level at $0.0482, as signs of weakness there could result in a decline to a new yearly low.

Additionally, the official DOGE account recently posted a warning to the Dogecoin community, addressing practices observed on various centralized exchanges and DeFi platforms. The message highlighted the well-known adage, “Not Your Keys, Not Your Coins,” emphasizing the importance of securing coins in cold wallets or decentralized exchanges instead of leaving them on platforms that might engage in questionable behaviors.

Prominent cryptocurrency advocate Samson Mow, the CSO of BlockStream, echoed these sentiments by urging the Bitcoin community to switch their assets to self-custody wallets for better security.