The Dogecoin community is abuzz as whales transfer 219 million DOGE to Coinbase. This significant transaction follows Elon Musk’s announcement lowering his federal spending cut goals through the Department of Government Efficiency (D.O.G.E.). Here are the details of this breaking development:
Massive Sales by Dogecoin Whales
According to Whale Alert data, two major investors transferred 219 million DOGE (approximately $74 million) to Coinbase. This move indicates a possible decline in investor risk appetite and has sparked speculation about its potential impact on DOGE’s price.
The first transaction was made by a whale associated with the wallet address “D7fXy…4QLW3,” transferring 106.43 million DOGE (worth $35.88 million) to Coinbase. Shortly after, another whale moved 112.62 million DOGE (worth $37.99 million) from the wallet “D8hi4…RsF1j” to the same exchange.
Dogecoin Plummets Within Hours: U.S. Economic Data in Play
Impact of Elon Musk’s D.O.G.E. Statement on Price
Elon Musk recently announced a revision to his federal budget cut target, previously set at $2 trillion. Musk, who initially pledged cuts of at least $2 trillion, now considers this figure an “ideal scenario” and suggests that a more realistic goal is closer to $1 trillion.
This shift has disappointed many in the Dogecoin community. Musk’s statements hold significant influence over Dogecoin due to the association between D.O.G.E. (Department of Government Efficiency) and Dogecoin. Discussions among investors reignited as Musk’s comments seemed to affect the whales’ sudden decision to sell. However, other factors may also be contributing to this trend.
What Does Technical Analysis Say About Dogecoin’s Price Future?
Dogecoin (DOGE) has lost a critical support level due to the recent market downturn, recording a 9.7% decline within 24 hours. During this period, trading volume surged by an impressive 89%, reflecting significant sell-offs by investors.
DOGE’s short-term outlook remains uncertain, especially as Bitcoin struggles to reclaim the $100,000 milestone. Key levels for DOGE include:
- $0.336 Level: This support level may serve as a foundation for Dogecoin to initiate a new bullish move in the short term.
- $0.42 Region: This zone is pivotal for determining the long-term trend. However, reaching this level amid the current bearish trend seems challenging.
On the daily time frame, the market structure remains bullish, but the $0.37 region is proving to be a major battleground for investors. Continued trading below this level could weaken long-term momentum.
Given the large sales and prevailing market conditions, Dogecoin’s performance at these support levels will shape its short-term trend. Investors should closely monitor shifts in market structure. You can check out our detailed and up-to-date Dogecoin analyses at Kriptokoin.com.
