Dogecoin Price Drop
Dogecoin's price has plummeted 17% due to large holders dumping one billion coins in seven days, resulting in a $5 billion loss in market value and a breach of key technical support levels.
The cryptocurrency has faced intense selling pressure over the past week, with most significant holders selling substantial portions of their holdings, causing the market capitalization to drop by $30.6 billion.
- Dogecoin's price fell below the $0.18 mark.
- Approximately one billion coins were sold by wallets holding 10 million to 100 million DOGE.
- Early investors and traders, who had stacked their positions at previous prices, were among those selling their holdings.
Outflows from these whale addresses have continued since mid-October - Analyst Ali Martinez
Author's summary: Dogecoin crashes 17% in a week.