Coinspeaker
Dogecoin Whale Dumps 200M DOGE as Meme Coin Market Dips 15%
As Dogecoin price
DOGE
$0.27
24h volatility:
7.4%
Market cap:
$39.85 B
Vol. 24h:
$12.05 B
saw a 17% weekly drop, a whale moved a staggering 200 million tokens worth around $49.94 million to Binance on February 3. The massive transfer coincided with a broader market downturn following the imposition of fresh tariffs by former U.S. President Donald Trump.
This follows another major transfer just a day earlier, where a separate whale moved 104 million DOGE, valued at over $32 million, to Coinbase. The back-to-back dumps have left market analysts concerned about Dogecoin’s price trajectory.
Whale activities often have a direct influence on market sentiment and liquidity. The latest dumps have increased DOGE’s circulating supply on exchanges, driving additional selling pressure.
Dogecoin (DOGE) Price Slumps
The largest meme coin by market cap saw a 13% decline and was trading at $0.258 as of press time. DOGE’s market capitalization has also slipped by over 13.5% to $38.24 billion, reflecting the significant outflows. According to Coinglass, the bearish price movement triggered liquidations worth $92 million in the past day, compounding market losses further.
The wider meme coin market followed suit, dipping by 16% to $70 billion on February 3.
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Source: TradingView
Despite the current market turbulence, several analysts maintain a bullish long-term outlook for DOGE price. They argue that the macroeconomic challenges influencing the market today are unlikely to affect the cryptocurrency sector in the long run. Investor sentiment remains optimistic, with many still eyeing the $1 price target for DOGE.
Technical Indicators
On the daily chart, Bollinger Bands highlights heightened volatility, with the price dropping sharply below the lower band, signaling potential oversold conditions. The Relative Strength Index (RSI) currently sitting at 29, also confirms that DOGE has entered oversold territory—a possible precursor to a near-term rebound.
Moreover, the MACD line has crossed below the signal line as red histogram bars are expanding, suggesting increasing downward momentum. This bearish crossover indicates potential continued price weakness.
The key resistance level for a bullish reversal sits at $0.344, while the immediate support level rests at $0.211. If DOGE breaks below this support, further downward movement toward $0.18 could ensue. However, if the token regains traction, a breakout above $0.30 may result in a renewed upward momentum.
Dogecoin investors are hopeful that the meme coin’s enduring popularity and strong community will help it recover in the near future.next
Dogecoin Whale Dumps 200M DOGE as Meme Coin Market Dips 15%
