Dogecoin Falls to $0.18 After Whales Sell 440 Million Tokens
Recent on-chain data reveals that Dogecoin whales have sold off a substantial amount of their holdings, contributing to the cryptocurrency's decline.
Key Points
- Dogecoin whales have offloaded 440 million DOGE, valued at $81.4 million, over the past 72 hours.
- The whale activity is reflected in the Supply Distribution metric from Santiment, indicating significant distribution among large holders.
- The sell-off coincides with a drop in Dogecoin price, suggesting a potential impact from whale trading behavior.
- An Ascending Channel pattern has been identified in Dogecoin's 12-hour technical analysis, with support at $0.18.
- Currently, Dogecoin is retesting this support level after briefly falling below it.
- If the support holds, potential targets could be $0.25 and $0.33.
DOGE Price
The current Dogecoin price is approximately $0.185, marking a decrease of nearly 6% over the last week.