Dogecoin Dips (June 2) as Major DOGE Deal Sends Shockwaves Through the Market!

Jakarta, Pintu News – Whale Alert, a well-known crypto tracking account, recently revealed on platform X that there have been three major transactions involving Dogecoin .

The total Dogecoin moved amounted to 312,375,048 DOGE, worth approximately $60 million. All three transactions were made in equal amounts.

Then, how is the current Dogecoin price movement?

Dogecoin price drops 0.95% within 24 hours

On June 2, 2025, Dogecoin saw a slight dip in value, falling 0.95% over the past 24 hours to trade at $0.1904, or around IDR 3,115. Throughout the day, DOGE reached a high of IDR 3,205 and a low of IDR 3,089.

At the time of writing, Dogecoin’s market cap stands at around $28.57 billion, with trading volume dropping 18% to $944.83 million within 24 hours.

Read also: Ethereum Hits $2,400 Today (June 2) — Is a Major ETH Comeback on the Horizon?

Dogecoin transfer by Whale to Coinbase

According to Whale Alert’s observations, the coins were sent to Coinbase, one of the leading crypto exchanges, after previously being stored in an unknown wallet.

This kind of activity often attracts the attention of investors because it suggests that large owners – commonly called “whales” – are moving their Dogecoin.

The first transfer was reported at 20:40 WAT. Within the same hour, two other transfers of the same amount were also made. Each post from Whale Alert included a link to the details of the transaction.

Large movements to Coinbase like this could be a sign that someone is preparing to sell their Dogecoin assets.

This kind of whale movement is not unique to Dogecoin. Recent trends in the crypto ecosystem, such as massive institutional purchases of Bitcoin, show that large owners are actively shaping market dynamics.

DOGE price drops 3.43% as trading volume plummets

After the massive transaction, the Dogecoin price showed changes. A chart from CoinMarketCap shows the DOGE price at $0.1939, which means a 3.43% drop in just one day.

The chart also shows that DOGE had previously touched a daily high of $0.2001 before dropping. As of May 31, the price seems to be retesting the $0.19 level.

For new investors, this means that the market is trying to keep the price above that number. If it fails to hold, the price could fall further. But if it does, there’s potential for it to rise again.

Read also: Top 3 Meme Coins that Crypto Investors Want in June 2025

Trading volume on May 31, 2025 was $1.73 billion, a sharp drop of 26.15%. This decrease shows that DOGE’s buying and selling activity was much lower than the previous day.

Technical Indicators Point to Potential DOGE Price Reversal

Technical indicators from TradingView provide important information regarding the price movement of Dogecoin (DOGE). Currently, the MACD indicator is showing negative values, signaling that selling pressure is still dominant.

Meanwhile, the RSI (Relative Strength Index) value stood at 32.97-a slight increase from the previous 28.58. This shows that Dogecoin has not yet entered the oversold zone significantly, but is starting to approach it. It is possible that the market will move in the opposite direction in the near future.

In the last trading session, DOGE had a small increase, but the overall trend still shows a downward movement. If the RSI starts to increase or the MACD starts to show green color, then there is a potential for a reversal.

The ADX (Average Directional Index) indicator stands at 43.14, which indicates a strong trend in the market. Many traders consider there to be a clear trend if the ADX surpasses 25. With the current ADX reading, there is a high probability that a significant price movement is imminent.

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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.

Reference:

• Coingape. $60M DOGE Moves from Coinbase to Unknown Wallet as Dogecoin Retests $0.19 Support. June 2, 2025