Dogecoin, the renowned meme coin, has faced a significant setback recently as it dropped by 22% in the last 24 hours amidst a broader market crash. This decline has raised concerns among investors, signaling a loss of faith in the altcoin. A notable event that added to the bearish sentiment was a whale transferring 177,528,741 DOGE tokens worth $11 million to the popular crypto trading platform, Robinhood.
The transfer to Robinhood, as reported by Whale Alert, occurred on August 5th at 01:52:43 UTC with a fee of 3.156 DOGE ($0.29). Such a substantial transfer to a centralized exchange like Robinhood often indicates a potential sell-off, as the holder might be looking to offload their holdings amidst a bearish market sentiment.
Moreover, Robinhood implemented a 24-hour trading halt for both stocks and cryptocurrencies following market volatility and pre-market fluctuations. However, the DOGE transfer took place before this trading halt, suggesting that the whale had ample time to execute its selling strategy.
The recent market turmoil has led to a panic-selling scenario for Dogecoin, with the digital asset witnessing a 22% drop in value over the past 24 hours. This downturn has sparked a surge in trading volume, currently standing at $1.87 billion, indicating a rush among traders to offload their tokens in anticipation of further declines.
In the last seven days, Dogecoin has plummeted by almost 40%, starting the week at a high of $0.1347 and currently trading at $0.08273. Additionally, the meme coin is down by 88.4% from its all-time high of $0.7376, recorded on May 8, 2021. Despite this decline, DOGE still shows a 12.83% increase from the same period last year.
The technical analysis of Dogecoin reveals a bearish trend, with ten consecutive daily bearish candles forming on the chart. The Relative Strength Index (RSI) currently stands at 24.39, indicating oversold conditions and high selling pressure. While the line gradient suggests a potential for further price declines, it also presents an opportunity for market entry.
In conclusion, the recent developments in the Dogecoin market highlight a challenging period for the meme coin, with investors closely monitoring its performance amidst broader market uncertainties. As always, it is essential for traders to exercise caution and conduct thorough research before making any investment decisions in the volatile crypto space.
