Popular altcoin Dogecoin (DOGE) was negatively affected by the decline in the overall cryptocurrency market and fell below the $0.1 support level.
A whale sold 400 million units of DOGE, causing the price to drop and market sentiment to turn bearish.
Although DOGE's RSI value is in the oversold zone, the short-term outlook remains uncertain. Dogecoin (DOGE), the largest memecoin in terms of market value, has lost significant value in the last 24 hours, being seriously affected by the downward trend in the overall cryptocurrency market. This decline was further deepened by a massive whale sell-off that led to DOGE's price falling below the $0.1 support level, a critical threshold. This incident created a widespread sense of concern about Dogecoin's potential future earnings.
Whale left $41 million worth of DOGE to Binance
On-chain transaction tracker Whale Alert reported that on July 5, a cryptocurrency whale transferred 400 million units of DOGE worth approximately $41.08 million to Binance, marking a significant development in the altcoin market. The whale still holds 379.80 million units of DOGE at address DU8gP... worth approximately $36.59 million. Data shows that the whale accumulated nearly 1 billion DOGE on Binance earlier this year and strategically disposed of it in the middle of the bull market.
Investor Sentiment Turns Bearish on Dogecoin
This massive DOGE sell-off by Whale led to a significant change in investor sentiment, which many interpreted as distrust of the altcoin's short-term earnings potential. Although the whale still held a large amount of DOGE, the sudden impact of the sell-off had a negative impact. Strong selling pressure pushed DOGE's price below the $0.1 support level, further deepening the downtrend.
According to current data, DOGE's price is trading at $0.09563, down 16.20% in the last 24 hours. Over the past 24 hours, the price of DOGE has varied between a low of $0.09379 and a high of $0.1138. These latest price movements reflect the altcoin community's reaction to the whale sell-off.
Additionally, Coinglass data shows that Dogecoin's Open Interest (OI) on futures decreased by 14.88% to $503.97 million, reflecting the effects of the price decline. Derivatives volume increased by 117.44% to $3.28 billion, indicating mixed emotions in the market. This contrasting data suggests that despite significant selling pressure, some investors are prepared for potential future moves.
Currently, DOGE's Relative Strength Index (RSI) is hovering around 24, indicating that the altcoin is in the oversold zone. This potentially indicates the possibility of a rebound in the price of the altcoin. However, given the prevailing bearish trend and recent massive sell-off, the short-term outlook for Dogecoin is uncertain and negative.
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