Plunge

Dogecoin

Million

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/whale-sale-causes-dogecoin-to-plunge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whale Sale Causes Dogecoin to Plunge</a><br></p>
<p style="text-align: justify">Dogecoin (DOGE) has seen a steep decline in value, primarily driven by a market-wide downturn in the cryptocurrency sector. The largest <a href="https://en.bitcoinhaber.net/surge-in-solana-based-memecoin-dogwifhat-attracts-investor-attention" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> by <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market valuation</a> experienced a significant drop within the last 24 hours, heavily influenced by a substantial sale from a major investor, often referred to as a “whale.” This event led to DOGE falling below the critical support level of $0.1, sparking widespread bearish sentiment around the potential for future gains.</p>
<h2 id="whale-moves-41-million-in-doge-to-binance">Whale Moves $41 Million in DOGE to Binance</h2>
<p style="text-align: justify">On July 5, an on-chain transaction was reported by Whale Alert, indicating that a cryptocurrency whale transferred around $41.08 million worth of 400 million DOGE to the Binance exchange. This move is a significant development within the altcoin market. Despite this sale, the whale retains approximately $36.59 million worth of 379.80 million DOGE in their wallet.</p>
<p style="text-align: justify">Earlier in the year, <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that the same whale had accumulated roughly 1 billion DOGE through Binance, strategically selling off during the bullish phase. This large-scale sale has eroded confidence in Dogecoin’s short-term profitability among investors.</p>
<h2 id="why-has-investor-sentiment-turned-bearish">Why Has Investor Sentiment Turned Bearish?</h2>
<p style="text-align: justify">The whale’s considerable sale has had a notable impact on investor sentiment, which is now largely negative. Although the whale still holds a significant amount of DOGE, the immediate consequences of the large sale have been detrimental. The intense selling pressure forced DOGE’s price below the $0.1 support level, amplifying the downward trend.</p>
<h2 id="takeaways-for-investors">Takeaways for Investors</h2>
<p style="text-align: justify">– Consider the recent whale activity and its impact on market sentiment before making investment decisions.<br> – Monitor DOGE’s price movements and support levels, particularly the $0.1 threshold.<br> – Keep an eye on open interest and derivative volume data for insights into market dynamics.<br> – Evaluate DOGE’s RSI levels to identify potential recovery zones.</p>
<p style="text-align: justify">Current data shows that DOGE’s value has plummeted by 16.20% in the last 24 hours, settling at $0.09563. The price fluctuated between $0.09379 and $0.1138 over the past day. The sharp decline reflects the community’s reaction to the whale’s actions. Additionally, Coinglass data indicates a 14.88% drop in Dogecoin’s Open Interest (OI) in futures contracts to $503.97 million but a 117.44% increase in derivative volume to $3.28 billion, highlighting mixed market sentiments.</p>
<p style="text-align: justify">DOGE’s Relative Strength Index (RSI) is currently around 24, indicating it is in the oversold territory. This suggests a possible price rebound. However, given the prevailing bearish trend and recent large-scale sales, Dogecoin’s short-term outlook remains uncertain.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/whale-sale-causes-dogecoin-to-plunge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whale Sale Causes Dogecoin to Plunge</a></h5>

Whale Sale Causes Dogecoin to Plunge

Table of Contents

BH NEWS

Άλλα άρθρα που δημοσιεύτηκαν στις 5 Ιουλ 2024

New Advances in Akash Network: 1-Click Deployments Now Live

Understanding Ethereum price prediction amid market turmoil

PawFury (PAW) Crypto’s Presale Predicted To Reach $1, Luring Investors Away From Hedera and Slothana

Aave Enables Users to Lend and Borrow Cryptocurrencies

Pre-market panic! Crypto stocks sink as Bitcoin collapses

ChromaWay Joins AWS Partner Network to Expand Chromia’s Reach

Join our free newsletter for daily crypto updates!