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.
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.
