The largest meme cryptocurrency by market cap, Dogecoin, has birthed a tsunami of speculations across the global crypto landscape. Due to a ripple effect caused by the broader crypto market’s bearish movement today, the DOGE price has taken a substantial price fall in the past 24 hours.

Notably, a whale further dumped a staggering 400 million DOGE to Binance amid this fall, following which the DOGE price gradually lost its crucial support of $0.1. This has ignited immensely bearish market sentiments on the asset’s potential to offer gains ahead.

Whale Dumps $41M To Binance

In a post shared by the on-chain transaction tracker Whale Alert on X, it was brought to attention that 400 million DOGE, worth $41.08 million, was shifted to one of the globally leading CEXs, Binance, on July 5. This transfer was made by the Dogecoin whale address DU8gP.

Data by Blockchair showed that the whale address still held 379.80 million DOGE, valued at $36.59 million. Intriguingly, CoinGape Media reported the same address to have accumulated approximately 1 billion DOGE from Binance at the beginning of this year. It appears that the whale has strategically offloaded his holdings amid this year’s bull cycle.

Meanwhile, usual market sentiments have taken a paradigm bearish shift as the whale’s massive dump underscores a loss of confidence in the asset’s potential to offer gains in the near future. However, it’s worth mentioning that the address still holds considerable amounts of Dogecoin.

As in with the abovementioned transaction, the selling pressure encountered by DOGE appears to have caused a plunge below the $0.1 support.

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DOGE Price Dips

At press time, DOGE price crashed 16.20% to $0.09563. Its 24-hour lows and tops were $0.09379 and $0.1138, respectively.

Coinglass data illustrated a 14.88% decline in DOGE’s Futures OI to $503.97 million, aligning with the coin’s price fall. However, the derivative volume spiked 117.44% to $3.28 billion, fueling contrasting sentiments.

The RSI moved along 24, hinting that the asset is in an oversold territory. This could mean that a potential market recovery ahead could also see a possible DOGE price rebound. Nonetheless, current market sentiments remain bearish.

Also Read: Crypto Prices Today July 5: Bitcoin Tumbles To $53.6K Low, Altcoins Bleed

The post Dogecoin Loses $0.1 Support As Whale Dumps 400M Coins, What’s Next? appeared first on CoinGape.

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Filed under: News - @ July 5, 2024 7:17 am