Dogecoin, the largest meme cryptocurrency by market cap, has stirred a whirlpool of speculations across the global crypto community as its price lost upside momentum following notable gains witnessed. This price plunge comes against the backdrop of a massive DOGE selloff recorded by a whale in the past 24 hours, birthing questions among investors over DOGE\u2019s future price movements.<\/p>\n
Notably, as revealed by on-chain data circulating in the broader crypto market, a staggering 90 million coins were sold off to a CEX<\/a>, Coinbase, today. This massive offloading has added bearish concerns among investors, as it significantly amplifies the token\u2019s selling pressure.<\/p>\n <\/p>\n According to the data unveiled by Whale Alert, an on-chain transaction<\/a> tracker, 89.99 million DOGE, worth $15.18 million, was offloaded by a whale to Coinbase in a single transaction. The transaction was noted to be done by the unknown wallet address, DRsjJ7YWiL\u2026FwUuAkrLom.<\/p>\n Intriguingly, upon investigating the wallet\u2019s holdings, it was found that the whale had 0 tokens left following the massive transfer. Moreover, the wallet only received these DOGE tokens today, and they were promptly transferred to the Coinbase exchange. This has raised eyebrows across the global crypto realm, with speculations over the potential motive of this transfer prevailing in the market.<\/p>\n In the interim, Dogecoin\u2019s price traded in the red, experiencing heightened volatility.<\/p>\n <\/p>\n Also Read: Crypto Market Selloff: Here\u2019s Why BTC, ETH, SOL, XRP, Meme Coins Are Falling Suddenly<\/a><\/strong><\/p>\n <\/p>\n As of this writing, Dogecoin\u2019s price<\/a> has illustrated a 2.24% dip in price in the past 24 hours and is currently trading at $0.1662. The meme coin\u2019s 24-hour lows and highs are $0.1622 and $0.1741, respectively, underlining the immense turbulency.<\/p>\n Coinglass data underscored substantial DOGE liquidations in the past 24 hours, further aligning with the token\u2019s dip. DOGE liquidations totaled $4.93 million today, aligning with the increased selling pressure brought upon by the abovementioned transfer.<\/p>\n Moreover, DOGE\u2019s OI slipped 4.59% to $987.85 million, followed by a derivatives volume decrease of 16.96% to $3.15 billion. This data highlights reduced investor interest orbiting DOGE, and when coupled with the increased selling pressure, could rationalize the token\u2019s current volatility.<\/p>\n <\/p>\n Nonetheless, the RSI hovered at 56, hinting at slight upside pressure amid the token being neither overbought nor oversold. A recent analysis by CoinGape Media pointed out that should the coin maintain a break above the $0.17 price level, a $0.3 resistance target looms. However, a slip below the crucial support of $0.16 could retract to the descending support trendline at $0.14.<\/p>\n It\u2019s also worth noting that DOGE<\/a> has been trading in an ascending trend over the past week, gaining roughly 9%.<\/p>\nWhale Transfer Raises Investor\u00a0Concerns<\/h2>\n
DOGE Price Falls, What\u2019s Next?<\/h2>\n
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