Dogecoin Plunges 17% as Whales Dump One Billion Coins in Seven Days

Dogecoin has been subjected to high selling pressure over the last week, with most large holders selling substantial amounts of their ￰0￱ meme cryptocurrency dropped to a level below the $0.18 mark, losing approximately 5 billion of its market ￰1￱ to data from the blockchain analytics platform Santiment, wallets holding 10 million to 100 million DOGE sold approximately one billion coins during this ￰2￱ Ali Martinez highlighted this trend in his commentary, which noted that outflows from these whale addresses have continued since ￰3￱ wallets usually consist of early investors and traders in the market who stacked their positions at previous ￰4￱ selling activity caused the market capitalization of Dogecoin to decrease by $30.6 billion, from $55.7 billion on October 28 to $25.1 billion on November ￰5￱ Tuesday, the cryptocurrency dropped to a low price of $0.1657, representing a 4.75% decrease over the last 24 ￰6￱ was behind the overall cryptocurrency market, which fell by approximately 3.7% during the same ￰7￱ Breakdown Triggers Cascade Effect The drop became more rapid as DOGE crossed the support group at the crucial level of around $0.18.

This technical glitch led to automatic selling on major cryptocurrency ￰8￱ major breach of the most important level resulted in the execution of predetermined exit strategies by many algorithmic trading ￰9￱ positions were a cause of market ￰10￱ derivatives worth over $1.36 billion were liquidated in a single ￰11￱ to the number of forced closures was ￰12￱ has been reported that one trader made over 36 million dollars selling DOGE and Ethereum, among other key tokens, when the market was ￰13￱ Volume Surges Despite Price Drop The activity in the market was also extremely high as prices ￰14￱ was a 90% increase in daily trading, reaching an average of $ 3.9 ￰15￱ volume spike is indicative of divergent market ￰16￱ the big players sold out, they viewed the dip as a buying opportunity for smaller ￰17￱ means that the difference between the whale and the retail activities indicates varying investment ￰18￱ accumulators and institutional players made gains after accumulating for several months.

Meanwhile, retail participants tried to grab value at lower prices or to trade in a short-term volatility. On-chain data reveals that the whale selling started slowly in mid-October and has escalated in recent ￰19￱ sales are systematic, which means that they were an indication of planned profit-taking rather than panic ￰20￱ possible repositioning by market makers is before future volatility in the traditional financial ￰21￱ cryptocurrency market faces numerous ￰22￱ risk appetite has been reduced by increasing interest rates, uncertainty in regulation, and macroeconomic ￰23￱ speculative nature of meme coins and the lack of fundamental usage purposes make Meme coins, including Dogecoin, especially susceptible to sentiment changes.