Dogecoin

Million

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-experiences-significant-drop-due-to-whale-sale/" data-wpel-link="internal">Dogecoin Experiences Significant Drop Due to Whale Sale</a> 
The largest memecoin by market value, Dogecoin (DOGE), experienced a sharp decline due to the overall downturn in the cryptocurrency market. DOGE lost significant value in the last 24 hours, influenced by the general downward trend in the <a href="https://en.coin-turk.com/crypto-market-starts-the-week-with-low-volatility-bitcoin-at-29300/" data-wpel-link="internal">cryptocurrency market</a>. This decline was exacerbated by a large sale from a major investor or “whale,” causing the price to drop below the critical support level of $0.1. This event triggered widespread bearish sentiment regarding Dogecoin’s future profit potential. 
<h2 style="text-align: justify" id="strong-whale-transfers-41-million-in-dogecoin-to-binance-strong">Whale Transfers $41 Million in Dogecoin to Binance</h2> 
On-chain transaction tracker Whale Alert reported that on July 5, a cryptocurrency whale transferred approximately $41.08 million worth of 400 million DOGE to Binance, marking a significant development in the altcoin. The whale, whose wallet address starts with DU8gP…, still holds around $36.59 million worth of 379.80 million DOGE. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368219" src="https://coin-turk.com/wp-content/uploads/2024/07/Altcoin-Dogecoin-Balinasi.png" alt="" width="606" height="513"> 
Data shows that the whale accumulated approximately 1 billion DOGE through the Binance exchange earlier this year, strategically selling off assets amid the bull cycle at the start of the year. 
<h2 style="text-align: justify" id="strong-investor-sentiment-turns-bearish-for-dogecoin-strong">Investor Sentiment Turns Bearish for Dogecoin</h2> 
The whale’s massive DOGE sale significantly impacted investor sentiment, with many seeing it as a loss of confidence in the altcoin’s short-term gains. Despite the whale still holding a large amount of DOGE, the immediate impact of the sales was negative. The heavy selling pressure pushed DOGE’s price below the $0.1 support level, intensifying the downward trend. 
Current <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> DOGE’s price has fallen by 16.20% in the last 24 hours to $0.09563. Over the past 24 hours, the price ranged between $0.09379 and $0.1138. The recent price drop reflects the altcoin community’s reaction to the whale’s sale. 
Furthermore, according to Coinglass data, Dogecoin’s Open Interest (OI) in futures contracts decreased by 14.88% to $503.97 million, reflecting the price drop. In contrast, derivative volume increased by 117.44% to $3.28 billion, indicating mixed feelings in the market. These conflicting data points suggest that while there is significant selling pressure, some <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are positioning themselves for potential future movements. 
Currently, DOGE’s Relative Strength Index (RSI) is around the 24 level, indicating that the altcoin is in the oversold zone. This suggests a potential price recovery for the altcoin. However, given the prevailing bearish trend and recent significant sales, the short-term outlook for Dogecoin remains negative and uncertain. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-experiences-significant-drop-due-to-whale-sale/" data-wpel-link="internal">Dogecoin Experiences Significant Drop Due to Whale Sale</a></h5>

Dogecoin Experiences Significant Drop Due to Whale Sale

Table of Contents

COINTURK NEWS

Other articles published on Jul 5, 2024

$41 Million in Dogecoin (DOGE) Sent to Major Exchange: Details

Qubetics Whitelist’s Sheen Attracts Polygon and Injective Investors

Justin Sun Loses $66 Million as Ethereum Hits 5-Month Low

German Lawmaker Criticizes Government’s Bitcoin Sale

Invest Smarter, Earn More: Leverage MoonBag Staking Rewards with 88% APY for Lucrative Investment...

UK Court Freezes Craig Wright’s Assets Over $1.9M Dispute

Join our free newsletter for daily crypto updates!