Dogecoin Dips 10% as Whales Offload $74 Million Holdings
- Dogecoin falls 10% to $0.17, whales sell $74 million DOGE.
- Merger plans with Nasdaq-listed firm mentioned.
- Broader market pressures as Bitcoin and Ethereum also decline.
Dogecoin (DOGE) dropped 10% to $0.17 after whales sold $74 million, despite merger talks between House of Doge and a Nasdaq-listed company, impacting market sentiment.
This sell-off underscores the volatility driven by large holders, affecting DOGE’s price amid broader market weakness, with no new corporate or regulatory announcements to offer clarity.
Dogecoin, a popular meme coin, plummeted 10% to roughly $0.17 due to large sell-offs by major holders, according to on-chain data.
Market sentiment worsens as investors react to whale activity, despite merger with a Nasdaq-listed entity and declining Bitcoin and Ethereum prices.
Whales Trigger $74 Million Dogecoin Sell-Off
The decline of Dogecoin (DOGE) to $0.17 is majorly attributed to whales offloading substantial amounts, totaling $74 million. On-chain data confirmed these transactions were a reaction to liquidity issues.
In a notable move, the House of Doge announced a combined venture with Nasdaq-listed Brag House Holdings, suggesting future revenue streams such as Dogecoin-denominated services.
“The combined entity will generate recurring, and diversified revenue through integrated advanced payment infrastructure, Dogecoin-denominated merchant services, proprietary data insights, licensing, and treasury activities at a global scale.” — House of Doge, Official Account
Broader Market Dip Affects Dogecoin
The cryptocurrency market faced additional pressures with key coins like Bitcoin (BTC) and Ethereum (ETH) also showing downward trends, increasing meme coin sell-offs.
Lacking institutional comments or endorsements, the industry’s reaction was driven by retail investors on X and Discord, focusing on DOGE’s price support bands and potential rebounds.
Past Trends Suggest Possible Rebound
Historically, DOGE experienced similar downturns due to whale activity, with rebounds occurring when technical support held amidst positive news.
Analysts predict that if DOGE price breaches the current range, a further drop below $0.15 could happen, paralleling past market behaviors.
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