- Dogecoin whales have significantly reduced their holdings, causing a 4% price drop and raising concerns about the coin’s ability to reach its $1 target.
- Despite positive news, including potential DOGE payments for Tesla merchandise, market sentiment remains bearish.
Dogecoin whales have started reducing their DOGE holdings as September kicked off, sparking concerns over the coin’s $1 price target for 2024. The move has raised eyebrows among investors, wondering if the beloved meme coin can still achieve its ambitious goal.
Dogecoin Whales Reduce Holdings Sparking Concerns
Whale Alert spotlighted a massive 119 million DOGE dump to Robinhood today. This significant transfer, equivalent to $11.7 million, underscores a notable loss of whale confidence in Dogecoin. The impact of this dump was immediate, with DOGE’s price tanking slightly over 4% in the past 24 hours.
Whale Activity and On-Chain Data
According to data revealed by Whale Alert on September 4, 119.67 million DOGE were moved from the unknown wallet address DUU1Ru.. to Robinhood. This substantial whale dump highlights a potential loss of confidence among large-scale investors. Further analysis from IntoTheBlock indicates that those holding at least 0.1% of DOGE’s circulating supply have significantly reduced their on-chain activity since September began. Inflows dropped from 229.49 million to 27.96 million DOGE per day, while outflows increased by 80.7%.
Despite Elon Musk’s recent hint at enabling Dogecoin (DOGE) for Tesla merchandise payments, which ignited positive sentiment, the market remains bearish. U.S. District Judge Alvin Hellerstein dismissed the Dogecoin manipulation case against Musk and Tesla this week, but DOGE has seen no significant price gains.
Market Trends and Price Analysis
Following the broader market trend, DOGE witnessed a 3% dip in value today, currently resting at $0.0963. The intraday low and high were $0.09298 and $0.1005, respectively. The weekly chart shows a pullback in Dogecoin’s price, sparking uncertainty about its future action despite bullish aspects unfolding across the broader sector.
Additionally, DOGE’s futures open interest (OI) dipped 3.5% to $446.31 million, raising further concerns among investors. The Relative Strength Index (RSI) for DOGE rested at 40, indicating downside pressure on the asset.
Another price analysis by CoinGape reinforces a bearish trend on DOGE, casting doubt on whether it can reach the $0.15 target by the end of September. Given the volatile nature of the cryptocurrency market, investors continue to closely monitor Dogecoin for further price action shifts.
Can DOGE Still Hit $1?
While the current market sentiment and whale activity paint a bearish picture for Dogecoin, the cryptocurrency market is known for its volatility and unpredictability. Although hitting $1 this year seems challenging under current conditions, the dynamic nature of the market means that surprises are always possible. Investors and enthusiasts will be keeping a close watch on any developments that could turn the tide for DOGE.
