Dogecoin (DOGE) Falls 10% to $0.17 as Whales Dump $74M Despite Nasdaq Merger Hype
In the past 24 hours, Dogecoin (DOGE) slipped another 10% to $0.17, extending a weekly drop of more than 27%. On-chain data revealed that whales offloaded roughly 360 million DOGE, valued at around $74 million.
This selloff came despite positive headlines about the House of Doge’s plan to merge with a Nasdaq-listed company and Thumzup’s exploration of DOGE payouts for creators. However, initial excitement faded quickly as traders perceived these developments as early-stage, with no immediate revenue impact. This prompted profit-taking in a market characterized by thin liquidity.
Broader crypto weakness, with Bitcoin and Ethereum also retreating, added pressure on higher-beta meme coins like DOGE.
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### Technical Overview
DOGE’s price is currently trending downward on the daily chart, with support identified near $0.17 and resistance between $0.21 and $0.23. Technically, DOGE is testing a critical band near $0.17-$0.19—the lower boundary of a multi-week channel noted by several analysts.
Holding this support area could fuel a rebound toward the $0.21-$0.23 resistance range, where a dense cluster of moving averages and previous supply have capped bounces this month.
– A daily close above $0.221-$0.23 would invalidate the short-term descending structure and open the door for a move toward $0.25-$0.26.
– Conversely, failure to defend support at $0.17 risks a decline to $0.16-$0.15.
Momentum indicators are cautious. The Relative Strength Index (RSI) hovers near 45, signaling waning buying strength. Derivatives data paints a mixed picture: futures volume is up, but open interest and funding rates remain largely neutral. This suggests traders expect volatility but lack clear directional conviction.
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### What Could Flip the Trend?
For a sustainable recovery, DOGE needs follow-through catalysts beyond headlines. Clear timelines on the House of Doge-Nasdaq merger—including specifics on treasury operations, treasury size, and revenue models—would help convert the narrative into tangible flows.
Additionally, a formal launch of Thumzup’s DOGE payout system for creators would bolster confidence among investors.
From an on-chain perspective, slower whale distribution and renewed exchange outflows would tighten circulating supply. Meanwhile, stronger spot bid depth around $0.18-$0.19 is crucial to absorb downward shocks.
Macro factors continue to play a role. Easing U.S.-China tariff tensions, improving risk appetite, and steadier Bitcoin dominance could reignite liquidity in meme coins like DOGE.
If bulls can defend the $0.17 support and reclaim $0.21-$0.23 on rising volume, a gradual move toward $0.25-$0.33 could come back into focus. If not, the path of least resistance likely remains downward in the near term.
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For now, traders are treating rallies as tactical opportunities, while investors await additional confirmation signals before embracing the long-term $1 DOGE dream.
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*Cover image generated by ChatGPT. DOGEUSD chart sourced from TradingView.*
https://www.newsbtc.com/news/dogecoin/dogecoin-doge-falls-10-to-0-17-as-whales-dump-74m-despite-nasdaq-merger-hype/
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