Dogecoin Price Declines 25% Amidst Increased Whale Sell-Off
The price of Dogecoin has faced a 25% decline over the past month, falling from $0.28. This drop is attributed to large holders selling off their assets, indicating skepticism about recovery. Analysts foresee a potential further decline of up to 45%, with a target price of $0.12 if support at $0.218 fails.
Key Points
- The relative strength index (RSI) has decreased from 85 to 49.
- Support is critical around the $0.19–$0.20 range to avert losses toward $0.16.
- Futures open interest has dropped from $5.25 billion to $3.24 billion.
- Wallets holding between 10 million and 100 million DOGE have reduced holdings by 6% since late July.
- A transfer of 900 million DOGE, valued over $200 million, to Binance raises concerns over sell pressure.
- Daily active addresses have fallen to 58,000, down from 1.65 million in Q4 2024.
- This indicates declining user engagement and retail interest in Dogecoin.
Maxi Doge Overview
Maxi Doge, a new meme coin, has raised over $1.6 million in its first month, branded as Dogecoin’s “frustrated but ripped cousin.”
- Ticker: MAXI
- Network: Ethereum
- Token Price: $0.000254
- Funds Raised: $1.60M