DOGE Dips 3% as 100 Million Token Transfer Sparks Selling Pressure Amid High Trading Volume

Dogecoin (DOGE) experienced a 3.03% price decline over the past 24 hours, trading at $0.16010 on Binance, with the 24-hour open at $0.16511. The recent price drop can be attributed to a combination of factors, including a large transfer of 100 million DOGE from an unknown wallet to an exchange, which may have increased short-term selling pressure, as well as broader market trends showing a mild weekly decline of approximately 2.9%. Despite notable whale accumulation and increased network activity, Dogecoin’s price has remained under pressure, reflecting both market volatility and a shift in price drivers from social media influence to tracking Bitcoin’s movement. Trading volume remains strong, with over $925 million in the past 24 hours and a market capitalization of approximately $24.7 billion, positioning DOGE as the 9th largest cryptocurrency by market cap.