Dogecoin price drops 15% after whale dumps 300 million tokens on Binance
Whale dumps 300 million DOGE
Dogecoin faced intensified selling pressure this week after a major whale dumped 300 million DOGE tokens, worth approximately $41.77 million, to Binance amid a wider market downturn.
The transaction occurred on April 7 and has fueled fears among investors that further losses may lie ahead, especially as Dogecoin struggles to hold support above $0.13.
The massive selloff coincided with a turbulent period across crypto and traditional markets. Dubbed a “Black Monday” for digital assets, the event saw Dogecoin’s price plummet 15% in 24 hours, while Bitcoin and Ethereum suffered similar double-digit declines. Analysts now warn that DOGE may be vulnerable to a further slide below the $0.10 threshold, particularly if market sentiment does not stabilize.
Whale activity fuels bearish sentiment
Whale dumps 300 million DOGE, worth $41.77M, on Binance, triggering investor concern. The transaction, confirmed by blockchain tracking service Whale Alert, reflects a broader pattern in which large token transfers precede or coincide with price declines. By significantly increasing exchange supply, such moves often amplify downward momentum in already stressed markets.
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Adding to concerns, the wallet behind the transfer—identified as DU8gPC5mh4KxWJARQRxoESFark2jAguBr5—has previously been associated with sizable DOGE movements. Analysts believe this latest selloff may be an attempt to limit losses during the market crash triggered in part by global macroeconomic stressors.
Market outlook remains bearish
Market observers note that Dogecoin’s volatility is amplified by its reputation as a speculative “memecoin.” With risk appetite diminishing and global financial markets reeling from renewed trade tensions—sparked by the U.S. administration’s tariffs on over 180 countries—DOGE’s near-term outlook appears fragile.
Investors now await signs of stabilization in broader markets, but until confidence returns, Dogecoin remains at risk of breaching key psychological support levels.
In addition, we reported that Dogecoin price falls 5% after Musk says no plans for U.S. government to use it.
