DOGE Dips 2.28% as 200M Tokens Move, Open Interest Drops 23% Amid Strong Trading Volume

Dogecoin (DOGE) experienced a 2.28% decline over the past 24 hours, with the price dropping from 0.17771 to 0.17365 USDT on Binance. This price decrease is primarily attributed to significant whale activity, as over 200 million DOGE were transferred from a long-dormant address to OKX, likely contributing to increased selling pressure. Additionally, perpetual futures open interest for DOGE fell by 23%, indicating reduced speculative activity and possible profit-taking after recent volatility. Despite the short-term drop, trading volume remains robust at approximately $1.24–$1.98 billion, and market sentiment is still positive, with 97% of recent Coinbase users being net buyers. DOGE continues to rank among the top cryptocurrencies by market capitalization, currently holding the 8th position with a market cap near $26.88 billion, while technical indicators and recent rebounds suggest traders are watching for a potential recovery above key resistance levels.