In a significant bearish development, a Dogecoin whale has sent ripples through the market by offloading 400 million DOGE, valued at approximately $140 million, into Binance. According to Whale Alert, the transaction originated from wallet address DU8gPC5mh4, raising concerns about large-scale investors losing confidence in the asset.
This dump contributed to a 10% intraday price crash, with Dogecoin now trading at $0.3899. The meme coin’s 24-hour range has been between $0.3850 and $0.4023, reflecting heightened volatility.
The bearish trend has extended to other leading meme coins like Shiba Inu (SHIB), PEPE, and TRUMP, which have recorded losses between 5%-20% over the last 24 hours. The downturn has ignited speculation about whether the “meme coin season” is drawing to a close.
Legal Uncertainty Adds to Investor Jitters
The Dogecoin market has been further shaken by ongoing legal challenges. Reports indicate that a U.S. watchdog filed a lawsuit against Elon Musk’s advisory panel, alleging violations of federal transparency laws. The uncertainty surrounding this lawsuit has deepened bearish sentiments, leaving traders cautious about the token’s future price movement.
Elon Musk Fuels Mixed Reactions
Despite the market turbulence, Elon Musk’s recent cryptic comment, “DOGE to Mars,” has reignited optimism among some investors. However, others remain wary, given the broader legal and regulatory backdrop. Musk’s statements often stir speculative activity, but their lasting impact on Dogecoin’s price action remains unclear.
Although the short-term outlook appears grim, some analysts project potential bullish momentum for Dogecoin in the long run. Key resistance levels, such as $0.4837, are seen as critical for sustained recovery. However, overcoming current selling pressure and legal uncertainties will be essential for Dogecoin’s comeback.
Also read:Fake Trump Coins Flood Market Amid Meme Coin Frenzy
