Dogecoin

Tornado Cash

Polygon

Tornado

Dogecoin has staged a comeback, recovering its crucial $0.1 support level with a solid 15% rally today. Meanwhile, this recovery follows a substantial selloff by two major Dogecoin holders, who transferred over 500 million DOGE to exchanges during a broader crypto market crash.
Notably, the current market volatility has sparked debates about the motivations behind this whale activity.
<h2 id="dogecoin-rallies-despite-massive-whale-selloff">Dogecoin Rallies Despite Massive Whale Selloff</h2>
Dogecoin, one of the leading <a href="https://coingape.com/meme-coin/" target="_blank" rel="noopener noreferrer nofollow">meme coins</a>, is once again making headlines. After experiencing a sharp drop that pushed it below the $0.1 mark, Dogecoin has rebounded, reclaiming this crucial support level with a notable 15% rise.
Meanwhile, this recovery comes on the heels of a significant selloff by two major <a href="https://coingape.com/dogecoin-loses-0-1-support-whale-dumps-400m-coins-what-next/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin holders</a>, commonly referred to as “whales,” who offloaded a combined total of over 500 million DOGE to exchanges. This massive transfer coincided with the recent crypto market crash, contributing to the heightened volatility.
However, amid today’s rally, Whale Alert, a prominent on-chain transaction tracker, identified two large <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/dogecoin/8e99650b6251fb07ad349284c96d0d80e74ed85a512ecf353801842e9c5de98f" target="_blank">DOGE transactions</a>. The first, involving a wallet labeled “DU8gP….guBr5,” saw 370 million DOGE, valued at approximately $39.34 million, moved to <a href="https://coingape.com/blog/binance-exchange-review/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>.
Meanwhile, a second whale, with the address “DGyy2…RJ15g,” transferred 137 million DOGE, worth around $13.9 million, to <a href="https://coingape.com/robinhood-expands-crypto-trading-to-three-new-u-s-regions/" target="_blank" rel="noopener noreferrer nofollow">Robinhood</a>. These substantial movements have sparked various speculations within the crypto community.
The motivations behind these significant selloffs remain a topic of debate. Some analysts suggest that the whales were engaging in panic selling, reacting to the broader market downturn and seeking to minimize potential losses.
On the other hand, others argue that these large-scale investors might have seized the opportunity to book profits, capitalizing on the recent price recovery and the renewed momentum in the DOGE market.
Also Read: <a href="https://coingape.com/grayscale-removes-polygon-matic-retains-these-crypto-assets-funds/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds</a>
<h2 id="a-look-at-the-price-performance">A Look At The Price &amp; Performance</h2>
The timing of these whale activities has added fuel to the speculative fire. As the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> market grappled with a wider correction, the sale of over 500 million DOGE by major holders contributed to the already tense atmosphere.
As said earlier, the transfers coincided with a broader <a href="https://coingape.com/crypto-market-crash-why-bitcoin-and-altcoins-are-falling/" target="_blank" rel="noopener noreferrer nofollow">crypto market crash</a>, leading to Dogecoin’s decline to its lowest point since late February. However, the coin’s ability to bounce back quickly and regain its $0.1 support underscores its resilience and the strong backing from its community.
Crypto experts note that such whale actions often have a significant impact on market dynamics. Large transfers can lead to price fluctuations and heightened volatility, as seen in the recent DOGE scenario. Yet, Dogecoin’s recovery suggests that despite the pressure from substantial selloffs, there remains a robust support base among retail and smaller investors, helping the meme coin regain lost ground quickly.
During writing, <a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin price</a> rallied 14.68% and exchanged hands at $0.1082, with its trading volume falling nearly 35% to $1.06 billion. Over the last 24 hours, the crypto has touched a low of $0.09415 and a high of $0.1092, reflecting the volatile scenario in the market.
Furthermore, CoinGlass data showed Dogecoin Futures Open Interest rose nearly 7% to $523.3 million. This indicates a heightened market interest in the leading dog-themed meme coin.
Also Read: <a href="https://coingape.com/tornado-cash-co-founder-requests-trial-delay-for-fair-battle/" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash Co-Founder Requests Trial Delay For Fair Battle</a>
The post <a href="https://coingape.com/dogecoin-regains-0-1-support-despite-whales-dump-500m-doge/" rel="noopener noreferrer nofollow">Dogecoin Regains $0.1 Support Despite Whales Dump 500M DOGE</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Regains $0.1 Support Despite Whales Dump 500M DOGE

Table of Contents

Coingape News Media

Other articles published on Jul 6, 2024

U.S Spot Bitcoin ETF Inflows Surge as Investors Capitalize on Market Dip

MoonBag’s Staking Rewards Redefine Profits and Empower Users With an Impressive 88% APY in a Comm...

ZkSync Token Rises as a Leading Gainer in Crypto Market Recovery

Huge Bitcoin Price Rise Predicted if Trump Triumphs in Presidential Polling in Late 2024

Bitcoin Crashed Below $55,000 But Traders Are Not Fearful, Why?

These Cathie Wood Stocks Notched Gains Following The US Job Report

Join our free newsletter for daily crypto updates!