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Dogecoin Price Plunges As Whale Dumps 400M Coins On Binance

Dogecoin plunges below $0.1, a first in 4 months, amid a 13.5% 24-hour drop.

Whale sells 400M DOGE, retains 379.08M, fueling market uncertainty.

DOGE derivatives volume spikes 57.88% as open interest falls 12.13%.

Dogecoin’s market performance has been notably bearish, with the price falling below $0.1 for the first time in four months. Nevertheless, at the time of writing, the price of Dogecoin stood at $0.1033, which was a 5.5% fall within the last 24 hours after a rebound from the $0.09379 support.

The price had been falling since the end of May but had a short period of consolidation between June 20 and July 2. However, the market crash and pressure to sell caused the price to fall even more.

Since the beginning of February, the meme coin’s price has been at its lowest, but it later surged in the mid-March. The market trend is still bearish, although the previous trends suggested some upside movements.

Whale Activity and Market Sentiment

The recent price drop was compounded by a crypto whale selling 400 million Dogecoin worth $41.08m on Binance. This big transaction has heightened selling pressure and a bearish mood in the market.

The whale still holds 379.08 million Dogecoin , which is worth about $36.59 million, and this shows that this could be a strategic move instead of completely dumping the asset.

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