Dogecoin Drops 17.40% in a Week, Triggered by Whales and Global Uncertainty
Dogecoin (DOGE) has come under significant pressure over the past week, falling by 17.40% and now trading around US$0.2021. Previously, DOGE had surged 34% to reach a high of US$0.2837 after Bit Origin announced its Dogecoin reserves.
However, on July 29, DOGE’s price dropped 9% to US$0.223, despite a doubling in trading volume. The price later recovered slightly to US$0.226 but was held back at the resistance level of US$0.24. Technically, a breakout pattern and RSI signals still suggest a potential continuation of the upward movement in the near term.
Unfortunately, whale activity has become a source of downward pressure. One major whale reportedly faced a leveraged position liquidation, resulting in a US$3 million loss. This triggered a surge in transaction volume, including institutional accumulation of 310 million DOGE.
Currently, whales hold a significant share of the total DOGE supply—41.74%—making the price highly susceptible to the actions of a small group of investors.
Global uncertainty, including interest rate direction and institutional investor preferences for more stable assets, has further weakened market sentiment toward this memecoin. Additionally, the pending decision by the U.S. Securities and Exchange Commission (SEC) regarding a DOGE exchange-traded fund (ETF) remains a key factor that could heavily influence the market’s next move.
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