Two DOGE Whales Offloaded 1.4 Billion DOGE in the Last Week

  • DOGE received a 30% boost earlier this week after Twitter’s web logo was changed to DOGE’s icon.
  • Two DOGE whales reduced their holdings by 1.4B DOGE during this week.

The blockchain tracking firm Lookonchain (@lookonchain) tweeted this morning regarding Dogecoin (DOGE). According to the tweet, Elon Musk changed Twitter’s Bluebird logo to DOGE’s icon on Tuesday  – causing an approximate 30% increase in the meme coin’s price.

Musk then changed Twitter’s logo back to the Bluebird today, which caused DOGE’s price to decline around 6%. The tweet added that two whales among the top five holders reduced their holdings by around 1.4 billion DOGE ($121 million) during this time period.

DOGE’s price has dropped further in the last 24 hours according to CoinMarketCap. At press time, the altcoin’s price is down 7.36% – taking its price down to $0.0853. Despite the 24-hour drop, DOGE’s weekly price performance remains in the green at +13.97%.

The meme coin’s market cap is $11,840,039,394, which ranks it as the 8th biggest project in terms of market cap. Cardano (ADA) is ranked at number 7 with its market cap of $13,295,857,440. Meanwhile, Polygon (MATIC) is number 9 on the list with its market cap estimated to be $10,113,474,048.

DOGE’s price closed yesterday’s trading session below the key support, now resistance, level at $0.08940 and is resting at the next support level at $0.08414 at press time. Technical indicators suggest that DOGE’s price will continue to fall in the next 24 hours, with the daily RSI line looking to cross below the daily RSI SMA line.

In addition, DOGE’s price has lost the support of the 9-day EMA line. The meme coin’s price will likely drop to around $0.08117 in the next 24-48 hours before bulls step in to keep the price of DOGE trading within the ascending price channel.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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