These whales dumping DOGE causes Dogecoin price to crash by over 10%
Dogecoin’s price has dropped in line with the wider crypto markets, shedding almost 10%, however, the decline has paused as it reaches $0.0705 to $0.0745 in support, invalidating the bearish thesis. The meme coin has been hovering between $0.0705 and $0.0946 since early November 2021, failing to break outside of this range. Dogecoin currently rests on a support structure at $0.0745, but if sellers continue to dominate the market, the price of DOGE could drop to as low as $0.0645. Interestingly, recent data shows Dogecoin’s whales, investors with between 1 million and 10 million DOGE, dropped from 3,831 to 3,781 from February 25 to March 2, indicating that they are offloading their DOGE holdings.
If Dogecoin’s price were to produce a daily candlestick close below $0.0813, the bearish thesis would become invalidated, potentially seeing DOGE return to $0.0946.
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