Dogecoin Soars 8% as Whale Unleashes 170 Million DOGE—Market on Edge

Updated

May 19, 2025

Gambar Dogecoin Soars 8% as Whale Unleashes 170 Million DOGE—Market on Edge

Jakarta, Pintu News – Dogecoin experienced a sharp decline on May 17, 2025, with the price dropping almost 10% to $0.215.

This decline comes on the heels of increased selling activity by “whales”, where large wallets are known to have sold more than 170 million coins in a day, impacting Dogecoin’s price performance.

So, how is the Dogecoin price moving today?

Dogecoin Price Rises 8.01% in 24 Hours

On May 19, 2025, Dogecoin saw a notable 8.01% surge in value over a 24-hour period, climbing to $0.2318, or approximately IDR 3,842. During the day, DOGE traded as low as IDR 3,534 before reaching a high of IDR 3,906, reflecting renewed momentum in the popular meme coin.

At the time of writing, Dogecoin’s market cap stands at around $34.58 billion, with trading volume rising 62% to $2.43 billion within 24 hours.

Dogecoin Price Drops as Whale Sells 170 Million DOGEs

Dogecoin’s price came under bearish pressure this weekend due to the collapse of the meme coin market, where its price dropped to a week’s low on Saturday.

This drop came after a significant spike in selling activity by “whales”, indicating a pessimistic view from large traders who expected Dogecoin to suffer further losses.

Data from Santiment shows that within 24 hours, whales holding between 10 million and 100 million DOGE had reduced their holdings from 23.91 billion to 23.74 billion DOGE. This indicates that more than 170 million tokens were sold within a day, as the Dogecoin price fell from $0.24 to $0.21.

This massive selling activity also coincides with the weak demand for Dogecoin.

According to data from CoinMarketCap, DOGE’s trading volume plummeted by more than 34%, indicating reduced trader interest in the meme token.

Derivatives Data Turns Bearish, DOGE Trader Loses $7 Million

Data from the derivatives market further confirms the bearish outlook for the Dogecoin price. According to data from Rekt, in the last 24 hours, $6.78 million worth of long positions have been forcibly liquidated, while $1.14 million worth of short positions have also been erased.

At the same time, open interest fell by 6.9% to $2.58 billion, indicating that open positions worth more than $290 million were closed. This reflects a lack of confidence from traders that the Dogecoin price will recover.

However, the data also shows that some top traders are placing bullish bets on a potential Dogecoin price recovery. On Binance, the long/short ratio was recorded at 3.46, indicating a preference for long positions.

Even so, the overall long/short ratio stands at 0.94-meaning that shorts still dominate-indicating that the general market sentiment is still bearish.

Dogecoin Technical Analysis: Support at $0.21 Still Holding

The Dogecoin price as of May 17 has experienced a sharp decline and is moving in a descending channel pattern on the four-hour chart.

If the price breaks the lower trend line of this channel, DOGE is likely to fall all the way to $0.17, which could wipe out all the gains made after Bitcoin broke the $100,000 mark.

The Chaikin Money Flow (CMF) indicator showed an increase in buying pressure after falling sharply near the zero line.

If the CMF continues to rise, this could be a strong signal that buying activity is starting to pick up sharply and could potentially drive an uptrend in Dogecoin.

In addition, the price movement within the Bollinger band also indicates a potential short-term correction.

After touching the lower limit of the Bollinger band and maintaining that support level, DOGE is likely to bounce back to the centerline of the descending channel and could rise again until it reaches $0.23.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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