On the morning of Thursday, Lookonchain (@lookonchain) reported that a recently created Dogecoin (DOGE) wallet had received 172.2 million DOGE from Binance. The data showed that the total value of the cryptocurrency, at the time of transfer, was $14.33 million. This occurred following an acquisition made by a large buyer, which is believed to be linked to CEO Elon Musk adjusting the logo of his Twitter page to that of the meme coin.

At present, the price of DOGE is on a downward pattern over the past 24 hours, according to CoinMarketCap. These declines have dropped the weekly change in value to 2.95%. At the time of writing, the digital asset trades at $0.08215. This negatively affects the price of DOGE against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), experiencing declines of 1.58% and 0.6%.

The altcoin’s value has been steeply decreasing for two days, dipping under the 9 & 20 Exponential Moving Averages (EMA) lines on its 4-hour chart. It then sunk further below the $0.09310 support level and the 20 EMA. A brief effort to drift back above the aforementioned lines was encountered, though it failed and further pushed the price of DOGE to beneath the next support level at $0.08526. Up to date, the cryptocurrency is still trading beneath the mentioned indicators. Currently, the coin trades around the $0.08031 price level, a region marked as a critical floor for DOGE.



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