DOGE Price Drops 5% Amid Institutional Selling and Market Weakness
News Background
- A whale transferred 900 million DOGE (over $200 million) to Binance on August 24–25, raising concerns about distribution from long-term holders.
- Institutional funds are reducing meme-coin exposure due to regulatory uncertainty and macroeconomic challenges.
- Dogecoin’s hashrate exceeded 2.9 petahashes per second, indicating strong mining participation amid price fluctuations.
- Crypto markets are supported by expectations of Fed policy easing, but DOGE underperforms compared to BTC and ETH.
Price Action Summary
- DOGE fell 5% from $0.22 to $0.21 between August 28 at 09:00 and August 29 at 08:00.
- The token traded within a range of $0.011, with a high of $0.23 and a low of $0.21.
- Institutional selling was evident with 626.3 million tokens transacted as support at $0.22 was breached.
- The most significant decline occurred from 07:24 to 08:23 GMT on August 29, when DOGE dropped 0.57% on a volume spike of 27.36 million.
Technical Analysis
- Support at $0.21 has become the immediate floor after losing stability around $0.22.
- Resistance remains at $0.23, which has repeatedly rejected upward movements.
- RSI is near mid-40s, indicating a neutral-to-bearish bias with limited upside potential.
- Daily trading volume surpassed 280.5 million tokens, primarily driven by institutional selling.
- MACD lines show bearish divergence, suggesting further downside risk unless price recovers above $0.22.
- The price is consolidating in a tight $0.21–$0.23 range, but repeated lower highs indicate a possible continuation downward.
What Traders Are Watching
- $0.21 is critical support; a break could lead to a drop towards $0.20.
- Breaking above $0.23 could shift momentum positively and target $0.25–$0.30.
- Whale inflows to exchanges will be monitored following the large transfer to Binance.
- Futures open interest decreased by 8% earlier this week, reflecting speculative conviction trends.
