Market News

Dogecoin Faces Pressure as Whales Exit Despite Nasdaq Integration Buzz

In the past day, Dogecoin (DOGE) experienced a decline of 10%, bringing its price to $0.17.

This drop marks a weekly loss of over 27%, largely attributed to significant sell-offs by whales totaling around 360 million DOGE, valued at approximately $74 million.

Notably, this sell-off occurred even amidst positive news regarding House of Doge's plans to merge with a Nasdaq-listed company.

However, this initial enthusiasm soon diminished as traders viewed the developments as preliminary and not immediately profitable.

The overall weakness in the cryptocurrency market, with other leading coins like Bitcoin and Ethereum also experiencing downturns, has increased the selling pressure on meme coins such as Dogecoin.

Currently, DOGE is testing critical support levels around $0.17–$0.19, with a potential rebound towards the $0.21–$0.23 resistance zone if it holds.

A sustained close above $0.22 could signal a reversal, while failure to maintain $0.17 may lead to a further decline towards $0.16–$0.15.

For a meaningful recovery, Dogecoin requires solid follow-through catalysts beyond just headlines, including timelines for the merger and formal advancements on DOGE payouts.

Additionally, if distribution from whales slows and exchanges see increased outflows, the tightening of supply could help stabilize the price.

As the market remains cautious, traders are adopting a tactical approach, awaiting clear confirmation signals before making long-term investments in Dogecoin.