- Lookonchain tweeted that a new DOGE wallet received 172.2 million DOGE from Binance this morning.
- The tweet added that the whale had bought DOGE under the influence of Twitter’s recent logo change.
- At press time, the price of DOGE is down almost 2% to trade at $0.08215.
Lookonchain (@lookonchain) tweeted this morning that a new Dogecoin (DOGE) wallet received 172.2 million DOGE from Binance earlier this morning. According to the tweet, the value of the DOGE amount was $14.33 million at the time the transfer was performed.
The post went on to add that a whale had bought DOGE under the influence of Elon Musk changing the Twitter logo.
At press time, the price of the meme coin is down 1.97% over the last 24 hours according to CoinMarketCap. This has added to DOGE’s negative weekly price performance – taking the total weekly loss down to 2.95%. As a result, DOGE is currently changing hands at $0.08215.
Not only did DOGE weaken against the U.S. Dollar, but also weakened against the two crypto leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.58% and 0.60% respectively.
4-hour chart for DOGE/USDT (Source: TradingView)
DOGE’s price has been in a sharp decline over the last 48 hours and dropped below the 9 EMA line on the 4-hour chart on Wednesday evening. Shortly thereafter the altcoin’s price dropped below the support level at $0.09310 as well as the 20 EMA line on the 4-hour chart.
DOGE’s price did try to recover back above the 9 and 20 EMA lines on its 4-hour chart on Thursday evening but was unable to do so – resulting in a continued drop in the altcoin’s price in the days that followed. This continued downfall with DOGE’s price then forced the meme coin’s price below the next key support level at $0.08526.
At press time, DOGE’s price is still trading below the 9 and 20 EMA lines on the 4-hour chart, and is resting on the critical support level at around $0.08031.
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