dogecoin Loses $0.1 Support as Whale Throws 400 Million Coins, What’s Next?
Dogecoin, the largest cryptocurrency by market cap, has created a tsunami of speculation in the global crypto world. Due to the ripple effect caused by the downward movement of the broader crypto market today, the DOGE price has experienced a significant price drop in the past 24 hours.
Notably, a whale dumped a staggering 400 million DOGE on Binance this fall, following which the DOGE price gradually lost its key $0.1 support, igniting extremely bearish market sentiment regarding the asset’s potential for future gains.
Whale Transfers $41 Million to binance
In a post shared by on-chain transaction tracker Whale Alert, Dogecoin whale address DU8gP.
Blockchair’s data showed that the whale address still has 379.80 million DOGE worth $36.59 million. Interestingly, parofix Media reported that the same address had accumulated around 1 billion DOGE from Binance earlier this year. It appears that the whale has been strategically offloading its assets during this year’s bull cycle.
Meanwhile, there has been a paradigm shift from the usual market sentiment to bearish, with the whale’s massive drop underscoring a loss of confidence in the asset’s potential to generate gains in the near future. However, it is worth noting that the address still holds a significant amount of Dogecoin.
As in the above-mentioned trade, the selling pressure DOGE faced seems to have resulted in a drop below the $0.1 support.
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DOGE Price Drops
At press time, DOGE price was down 16.20% to $0.09563. The 24-hour low and high were $0.09379 and $0.1138 respectively.
Coinglass data showed a 14.88% drop in DOGE’s Futures OI to $503.97 million, which is in line with the coin’s price decline. However, derivatives volume rose 117.44% to $3.28 billion, fueling opposing sentiment.
The RSI has moved along the 24 level, indicating that the asset is in the oversold territory. This could mean that a potential market recovery in the upcoming period could also see a possible recovery in DOGE prices. However, the current market sentiment remains bearish.
Also Read: Crypto Prices Today July 5: Bitcoin Drops to $53.6K, Altcoins Wing
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