The Dego Finance (DEGO) currency witnessed a sharp decline in its price today on the Binance platform, dropping by nearly 52%, from around $2.65 to $1.33, reaching a low of $1.18 within a short period.
This sudden drop is attributed to several factors, most notably the transfer of a large amount of DEGO tokens, estimated at over $250,000, to exchanges, which increased selling pressure. Additionally, buying positions worth over $650,000 were liquidated, the highest figure recorded for the currency so far.
Technically, the price broke through important support levels, including the 50-day and 200-day moving averages, indicating strong selling pressure. Furthermore, the initiative to support the USD1 stablecoin on the BNB Chain raised concerns among investors, especially with over 93% of liquidity concentrated in just three wallets, increasing doubts about the possibility of manipulation.
In light of these developments, investors are advised to exercise caution and closely monitor the market before making any investment decisions.
