Dogecoin (DOGE) was under the control of two whales in the past week according to data from blockchain tracking firm Lookonchain (@lookonchain). On Tuesday, DOGE's price rose 30% when Elon Musk changed Twitter’s Bluebird logo to a DOGE icon, before dropping 6% when the logo changed back today. The two whales offloaded approximately 1.4 billion DOGE (valuing at approximately $121 million) during this time frame.

CoinMarketCap data shows that at press time, DOGE’s price has dropped 7.36%, taking it to $0.0853. Despite this, the meme coin’s weekly price performance shows to be in the green at +13.97%. With a market cap of $11,840,039,394, it is the 8th biggest project in terms of market cap, although it is closely followed by Cardano (ADA) at number 7 and Polygon (MATIC) at number 9.

Technical indicators point towards the meme coin’s price going down in the next 24 hours, especially after the support of the 9-day EMA line was lost. This could mean a further drop to around the $0.08117 level in the following 24-48 hours, before bulls act up to keep the price of DOGE trading within the ascending price channel.

Dogecoin still remains one of the top performing cryptocurrencies, seemingly resilient to sudden and drastic market changes. Despite two whales selling off a significant amount over the last week, DOGE has been able to remain anchored in its positive weekly performance. This provides evidence of its high level of investor sentiment, being able to withstand the pressure from a large selloff from two whales. It will be worth monitoring, however, if the price falls below the channel or if further losses arise due to the lack of support from the 9-day EMA line.



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