Dogecoin’s price has declined over the past seven days as fear continues to dominate the entire cryptocurrency market. The meme cryptocurrency recently declined because of fresh adverse pressure. This happened as the cryptocurrency attempted to recoup some losses it suffered last week.
According to multiple social media posts by whale transaction tracker Whale Alert, significant Dogecoin transfers in and out of exchanges have occurred on multiple occasions during this price drop, with the latter being common and contributing to the decline.
DOGE Price Is Risky
The Blockchain’s transaction details reveal that the 109 million DOGE tokens were moved from a private address called “DF8jRK” to an address called “DHQsfy,” which is connected to the US retail cryptocurrency platform Robinhood.
This was one of the largest Dogecoin transactions in the last 30 days, with a total value of $11.58 million at the time of the transfer. Given that whales are getting ready to sell their DOGE holdings, the transfer to Robinhood, a significant cryptocurrency exchange, could cause a drop in the price.
Whale transfers to such cryptocurrency exchanges make ordinary investors feel negative. Interestingly, a detailed analysis of blockchain data shows that the anonymous whale account had previously also sent large amounts of Dogecoin tokens to Robinhood, which seemed for sale. According to NewsBTC, similar transactions were also made in October 2023, when 71.2 million DOGE tokens were deposited to Robinhood using the address “DF8jRK.”
What’s next for Dogecoin?
This later sell-off on Robinhood is the later difficulty for the celebrated meme cryptocurrency, which is going through a rough patch.
DOGE has lost nearly 25% of its value in the past month alone, dropping below $0.10 for the first time since February. As a result, the meme cryptocurrency has lost a significant portion of the gains it made in the first half of the year to its $0.22 peak.
DOGE is currently trading at $0.108, while the broader cryptocurrency market is still seeing an intense sell-off. According to IntoTheBlock average cost statistics, Dogecoin bulls would need to break through several resistance areas around $0.109, $0.113, $0.117, and $0.1209 before regaining complete bullish momentum among retail investors. Crypto Daily Trade Signals confirmed the condition for bullish momentum, stating that the price of DOGE must stabilize above $0.1080 and $0.1150 to be bullish.
DOGE price struggles | Source: DOGEUSDT on Tradingview.com
