Dogecoin Whales Sell 1 Billion Tokens, Wiping $5 Billion Market Cap

Dogecoin has experienced significant selling pressure from large holders, or whales, who have reduced their holdings by about one billion DOGE in the past week, causing a market capitalization drop of approximately $5 billion. This decline is compounded by broader market liquidations, technical breakdowns below key support levels such as $0.17 and $0.18, and the weakening of Dogecoin's price below its moving averages, signaling bearish momentum and potential further drops to $0.13 or even $0.10. Despite the sell-off, trading volume surged, indicating retail traders might be capitalizing on volatility, but overall sentiment is shifting away from meme coins like Dogecoin toward utility tokens with real-world applications, such as PayFi and Mutuum Finance, which are attracting capital flows and investor interest. Technical analysis suggests Dogecoin's recent price fall to around $0.1657 could offer a short-term buying opportunity, as RSI levels approach oversold territory, potentially triggering a recovery rally. However, macroeconomic factors like the Federal Reserve's stance on interest rates and a stronger U.S. dollar continue to dampen risk appetite, contributing to the crypto market downturn and increased volatility for Dogecoin and other altcoins.