Dogecoin Price At Risk of Further Drop As Whale Moves $59M

The Dogecoin price is at risk of more decline following a recent whale movement, which indicates a potential sell-off. The foremost meme coin is already down over 18% in the last 24 hours amid this recent crypto market crash.

Dogecoin Price Could Drop Lower As Whale Moves $59 Million

The Dogecoin price is at risk of further drop as a whale recently moved $59 million. Whale Alert data shows this investor moved 200 million DOGE to the Binance exchange.

Such Whale movement always sparks a bearish outlook for a crypto’s price, as it suggests the investor in question is looking to offload their coins. Such sale could put significant selling pressure of the top meme coin, leading to more price declines.

As CoinGape reported, the DOGE price has plummeted and is at risk of dropping to as low as $0.20, which marks a crucial support level for the meme coin.

In an X post, crypto analyst Kevin Capital suggested that a Dogecoin price drop to this level would be worrisome. He stated that he would start to worry of DOGE loses $0.26 on a weekly close. However, for now, he believes that this price decline is a normal market pullback.

The analyst also noted that the correction had been brewing in the charts for weeks. However, he suggested that this price decline is worse than expected thanks to the Fed’s hawkish stance and an imminent US government shutdown.

What Next For DOGE?

The Dogecoin price is still expected to witness a bullish reversal at some point, as analysts predict that the bull run is far from over. Crypto analyst Master Kenobi suggested that this bullish reversal could happen in January 2025.

This came as the analyst alluded to the 2021 bull run when a similar crypto market crash occurred in December 2020. The analyst noted that the Bitcoin price suffered a 30% loss while DOGE also followed suit, dropping by 55%.

However, amid the panic, these coins witnessed a bullish reversal in January 2021 as they surged to new highs. This eventually paved the way for the Dogecoin price its current ATH of $0.73 in May 2021.

As such, if history repeats itself, Dogecoin could recover to new highs by January. Kevin had before now also predicted that the top meme coin could pull back to between $0.26 and $0.28 and then reload and come back to break its current ATH.