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Dogecoin Price Recovers to $0.1 Despite Whale Selloff
#Dogecoin #Doge #Memecoins $DOGE
Significant Recovery:
Dogecoin surged 15%, regaining the crucial $0.1 support level after a significant selloff.
Market Volatility and Whale Activity:
Two major holders, or "whales," moved over 500 million DOGE to exchanges amid a broader crypto market crash.
Whale Alert identified:370 million DOGE ($39.34 million) moved to Binance by “DU8gP….guBr5.”137 million DOGE ($13.9 million) transferred to Robinhood by “DGyy2…RJ15g.”
Speculations and Motivations:
Analysts suggest panic selling to minimize losses or profit-taking due to recent price recovery.
The selloff added to market tension but Dogecoin's recovery shows strong community support.
Market Dynamics:
Whale actions can cause price fluctuations and increased volatility.
Despite large selloffs, Dogecoin's resilience is evident with support from retail and smaller investors.
Current Market Status:
Dogecoin is up 14.68%, trading at $0.1082.Trading volume dropped nearly 35% to $1.06 billion.
Price ranged from $0.09415 to $0.1092 in the past 24 hours.
Futures Market Interest:
Dogecoin Futures Open Interest rose nearly 7% to $523.3 million, indicating heightened market interest.