Doge Price Drops 12% As Whale Moves Of $59 Million
Doge price is at $0.3078 after a 12.53% dip in the last 24 hours.
The decline is accompanied by a large whale transfer. 200 million DOGE, worth $59 million, were transferred to the Binance exchange, which might cause further selling pressure.
Dogecoin could continue to tumble lower according to crypto analysts. However, a bullish reversal could be seen in early next year.
Sharp DOGE Price Drop Linked to Whale Activity
Dogecoin’s price fell in sync with a significant whale transaction, which led to bearish market sentiment.
According to Whale Alert data, an investor transferred 200 million DOGE to Binance. And such transactions are usually followed by a sell-off.
These movements often weigh on the price given that large amounts of cryptocurrency are being dumped which can have a negative effect on market value.
The effects were seen almost immediately in the price movement. DOGE price dropped to an intraday low of $0.28, and then slightly rebounding to $0.31.
This sell-off also follows broader market trends as Dogecoin has declined by more than 18% in the past 24 hours.
If the price drops to $0.26, there may be further decline to $0.10764. This is a long term support level according to market analysts.
Increased Trading Volume and Market Volatility
The trading volume for Dogecoin increased by 112.82% in the last 24 hours to $14.64 billion. This points to increased trading during the price decline.
The high trading volume combined with the significant DOGE price drop indicates that traders are liquidating their position.
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