$DOGE Whales Dumping Tokens, Can DOGE Price Still Hit $1 This Year? - CoinGape Analytics

Elon Musk's hint at enabling Dogecoin (DOGE) payments for Tesla merchandise sparked optimism, but DOGE whales have reduced their holdings, causing concern. Whale Alert reported 119.67 million DOGE, worth $11.70 million, was moved to Robinhood on September 4, signaling a loss of whale confidence. Additionally, data from IntoTheBlock revealed a significant drop in on-chain activity among large holders since early September, with inflows decreasing dramatically.

Despite Musk's DOGE payment announcement and a dismissed manipulation case, DOGE has seen slow adoption and a 3% dip today, currently at $0.0963. The weekly chart shows a price pullback, adding to market uncertainty.

With DOGE's RSI at 40 and futures OI dipping by 3.5% to $446.31 million, the token faces downside pressure. Market sentiment remains cautious, and DOGE reaching $1 this year seems unlikely, though the market's volatile nature keeps participants vigilant.