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Dogecoin Loses $0.1 Support as Whale Dumps 400 Million Coins. What’s Next?
The largest meme cryptocurrency by market cap, Dogecoin, has sparked a tsunami of speculation across the global crypto landscape. Due to a ripple effect caused by the broader cryptocurrency market bearish movement today, the price of DOGE has seen a substantial drop in the last 24 hours.
Notably, a whale dumped an even more impressive 400 million DOGE to Binance amid this dip, following which the price of DOGE gradually lost its crucial $0.1 support. This ignited immensely bearish market sentiments about the asset’s potential to deliver gains in the future.
Whale dumps $41 million into Binance
In a post shared by on-chain transaction tracker Whale Alert on X, it was brought to attention that 400 million DOGE, worth $41.08 million, was transferred to one of the leading global CEXs, Binance, on July 5. This transfer was made by Dogecoin Whale DU8gP address.
Data from Blockchair showed that the whale address still held 379.80 million DOGE, valued at $36.59 million. Interestingly, CoinGape Media reported that the same address had accumulated approximately 1 billion DOGE from Binance earlier this year. It appears that the whale strategically unloaded its assets amid this year’s bull cycle.
Meanwhile, the usual market sentiments have taken a bearish paradigm shift as the massive whale dump underscores a loss of confidence in the asset’s potential to deliver gains in the near future. However, it is worth mentioning that the address still holds considerable amounts of Dogecoin.
Just like the transaction mentioned above, the selling pressure faced by DOGE appears to have caused a drop below the $0.1 support.
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DOGE Price Drops
At the time of printing, DOGE Price fell 16.20% to $0.09563. Its 24-hour lows and highs were $0.09379 and $0.1138, respectively.
Data from Coinglass illustrated a 14.88% decline in DOGE Futures OI to $503.97 million, aligning with the coin’s price drop. However, derivatives volume soared 117.44% to $3.28 billion, fueling contrasting sentiments.
The RSI has moved over 24, suggesting that the asset is in an oversold territory. This could mean that a potential market rally ahead could also see a possible recovery in the DOGE price. However, current market sentiments remain bearish.
Read too: Cryptocurrency Prices Today July 5: Bitcoin Drops to $53.6K Low, Altcoins Bleed