Dogecoin Drops 10% to $0.17 Amid $74M Whale Selloff
Dogecoin Price Update
- Dogecoin's price fell 10% to $0.17 in the last 24 hours, marking a weekly decline of over 27%.
- This drop is linked to whales offloading around 360 million DOGE, worth approximately $74 million.
- The selloff continues despite positive news about House of Doge's potential merger with a Nasdaq-listed company and Thumzup's exploration of DOGE payouts for creators.
- Traders are cautious as these developments are still in early stages and not immediately revenue-generating.
Technical Analysis
- DOGE is testing key support at $0.17–$0.19. Holding this level could lead to a rebound to $0.21–$0.23.
- A daily close above $0.221–$0.23 might invalidate the descending trend and aim for $0.25–$0.26.
- If $0.17 fails to hold, a decline to $0.16–$0.15 is possible.
Market Sentiment
- RSI near 45 indicates limited buying strength; mixed futures positioning suggests upcoming volatility.
- For sustained recovery, DOGE needs concrete catalysts like defined timelines for the House of Doge merger and Thumzup's DOGE payouts launch.
- Reduced whale distribution and increased exchange outflows would tighten supply, while improved bid depth around $0.18–$0.19 is needed to absorb market shocks.
- Broader market factors, including easing U.S.–China tariffs and stable Bitcoin dominance, could boost meme coin liquidity.
If DOGE holds $0.17 and climbs past $0.21–$0.23 with rising volume, it might target $0.25–$0.33. Otherwise, further declines may occur. Traders remain tactical, and investors seek confirmation before pursuing long-term targets.