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

Daftar Isi

BH NEWS

Artikel lain yang dipublikasikan pada 5 Jul 2024

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

Understanding Ethereum price prediction amid market turmoil

MoonBag Staking Rewards Shine Brighter Than Pepe Coin And TRON In 2024

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

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!