Dogecoin (DOGE) has faced a steep 10% decline in the last 24 hours, falling to around $0.17, as major whale wallets reportedly sold more than 360 million DOGE, worth roughly $74 million. The sell-off has intensified bearish pressure, leading to a weekly loss of more than 27% for the popular meme coin.
The correction comes amid optimism surrounding the “House of Doge” merger with a Nasdaq-listed firm and the upcoming launch of a creator payout platform that aims to distribute rewards in DOGE. However, traders appear unconvinced about the short-term impact of these announcements, viewing them as early-stage developments without immediate financial results.
Technically, DOGE is approaching a key support area between $0.17 and $0.19. If this zone holds, analysts suggest a potential rebound toward $0.21 to $0.23. Conversely, a drop below $0.17 could open the path to $0.15, a level that previously acted as a strong accumulation zone.
Momentum indicators such as the Relative Strength Index (RSI) show cooling demand, hinting at decreasing buying pressure. Meanwhile, derivatives market data reflects a mixed sentiment — futures trading volume has climbed, but open interest and funding rates remain largely neutral. This suggests traders expect heightened volatility yet lack a clear directional conviction.
For Dogecoin to regain bullish momentum, it needs visible progress on its merger roadmap, concrete results from the creator platform rollout, reduced whale activity, and renewed inflows from retail and institutional investors. Broader macro trends, including improving risk sentiment in traditional markets, could also provide support.
Dogecoin remains a widely followed cryptocurrency with strong community engagement, but its current correction highlights the importance of sustainable fundamentals and reduced speculative selling to stabilize its price.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
