Whale sells $41 million worth of Dogecoin, Dogecoin falls below $0.1

On July 5, Whale Alert reported a large transaction in which a large cryptocurrency whale transferred about $41.08 million (400 million DOGE) to Binance. The move caused a stir in the altcoin market, but the whale still holds about $36.59 million (379.8 million) worth of DOGE in his account.

Historical data shows that earlier this year, the whale accumulated about 1 billion DOGE through Binance, taking advantage of the bullish trend to strategically sell. This large-scale sell-off has greatly shaken investors' confidence in the short-term market performance of Dogecoin.

The recent large-scale sell-off by whales has had a direct and significant impact on investor sentiment, which has turned bearish.

Although the whale holds a considerable amount of DOGE, the impact of such a large-scale sell-off is extremely negative. The huge selling pressure caused the price of DOGE to fall below the important support level of $0.1, accelerating its downward trajectory.

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The recent price drop of Dogecoin highlights the volatility of the cryptocurrency market, which is greatly affected by whale activity. Investors should consider these market dynamics and their potential impact on sentiment and support levels.

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