Dogecoin Experiences Significant Drop Due to Whale Sale
Release: 2024/07/05 16:42 Reading: 465
Dogecoin Faces Steep Decline Following Whale Sale
Amid the broader cryptocurrency market downturn, Dogecoin (DOGE), the leading memecoin by market capitalization, has experienced a notable decline. Over the past 24 hours, DOGE has lost considerable value due to a large sale by a significant investor, commonly referred to as a "whale."
Whale Offloads $41 Million in Dogecoin
Whale Alert, an on-chain transaction tracker, reported that on July 5, a crypto whale transferred approximately $41.08 million worth of 400 million DOGE to Binance. Despite this transaction, the whale still holds a significant portfolio of DOGE, valued at $36.59 million.
Data indicates that the whale accumulated around 1 billion DOGE earlier this year through the Binance exchange. They have since been strategically selling off assets during the market's bullish cycle.
Sentiment Shifts Bearish
The whale's massive DOGE sale has negatively impacted investor sentiment. Many interpret this action as a loss of confidence in the short-term prospects of the altcoin. Despite the whale's substantial remaining holdings, the immediate effect of the sale has been bearish.
The heavy selling pressure pushed DOGE below the crucial support level of $0.1, exacerbating the downward trend.
Price and Market Analysis
DOGE's price has plummeted by 16.20% in the last 24 hours, trading at $0.09563. Its price has fluctuated between $0.09379 and $0.1138 during this period.
Coinglass data reveals a decrease in Dogecoin's Open Interest (OI) in futures contracts by 14.88% to $503.97 million. Conversely, derivative volume has surged by 117.44% to $3.28 billion, suggesting mixed market sentiments.
DOGE's Relative Strength Index (RSI) is currently around 24, indicating that the altcoin is in the oversold zone. This suggests a potential for price recovery, but the prevailing bearish trend and recent major sale cast uncertainty over the near-term outlook for Dogecoin.
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