Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Dogecoin’s (DOGE) Price Plunge: Whale Dump Triggers Market Fears
  • News

Dogecoin’s (DOGE) Price Plunge: Whale Dump Triggers Market Fears

vivian 5 July 2024
dogecoin on marbles
  • A large Dogecoin holder dumped 400 million coins on Binance, causing the price to drop below $0.1.
  • Market sentiment turned bearish amid concerns over future price movements.

In a dramatic turn of events for Dogecoin (DOGE), a significant whale transaction has shaken the crypto market landscape. Recently, a staggering 400 million DOGE, worth over $41 million, was dumped onto Binance by a prominent whale address, DU8gP. This massive sell-off has not only amplified existing bearish sentiments but also pushed DOGE below its critical support level of $0.1.

The broader cryptocurrency market, already reeling from recent downturns, experienced a ripple effect as DOGE plummeted by 16.20% to $0.09563 within just 24 hours. This abrupt decline underscores the fragility of DOGE’s price amid large-scale market movements.

Earlier reports indicated that the whale address in question had accumulated around 1 billion DOGE from Binance earlier this year, suggesting a strategic move to offload holdings during what some had hoped would be a bullish cycle for the meme cryptocurrency.

The repercussions of this massive dump are far-reaching. Investor confidence has been severely tested, with many now questioning DOGE’s ability to deliver future gains. The market sentiment has turned decidedly bearish, exacerbated by the sudden breach of the $0.1 support level that had previously held firm.

Despite the pessimism, there are glimmers of potential recovery. Technical indicators such as the Relative Strength Index (RSI) suggest that DOGE is currently oversold, potentially paving the way for a rebound if market conditions improve. However, the immediate outlook remains clouded by uncertainty, as demonstrated by contrasting trends in derivatives trading volumes and open interest.

As stakeholders navigate these turbulent waters, the focus remains on how Dogecoin will recover from this setback. Will the market stabilize, allowing DOGE to reclaim lost ground, or will further volatility ensue? The coming days will undoubtedly provide clarity on whether Dogecoin can weather this storm and regain its footing in the volatile world of cryptocurrencies.

While the recent whale transaction has cast a shadow over DOGE’s short-term prospects, the cryptocurrency’s resilience and the broader market sentiment will dictate its future trajectory. Investors and enthusiasts alike are advised to closely monitor developments as Dogecoin navigates through this challenging period.

Continue Reading

Previous: LayerZero, Mog Coin, and Bonk Performing against the Bleeding market But What should you watch out for Before Investing?
Next: Santiment Data Reveals Hedera HBAR is still a go to option for Investors- Details

Related Stories

Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025
Chainlink LINK Image via Cryptonewsfocus.com
  • Analysis

Chainlink Hits Record 769K Holders as MVRV Ratio Signals Opportunity

Sean Williams 26 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Sets Sights on $0.20 as Market Cap Chases Tron

Jane Kariuki 26 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025
Chainlink LINK Image via Cryptonewsfocus.com
  • Analysis

Chainlink Hits Record 769K Holders as MVRV Ratio Signals Opportunity

Sean Williams 26 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Sets Sights on $0.20 as Market Cap Chases Tron

Jane Kariuki 26 June 2025
bITCOIN ON TECH
  • Analysis

Metaplanet Overtakes Tesla in Bitcoin Holdings with 12,345 BTC

vivian 26 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok