Dogecoin Dips After Whale Sends $41M to Binance — Is More Selling Ahead? – BlockNews

• Dogecoin dropped to $0.1390 after a whale moved 300 million DOGE ($41.7M) to Binance, raising fears of a potential sell-off.
• Technical indicators show weakness, with a descending triangle forming and RSI near 35 — if DOGE breaks below $0.13, further downside is likely.
• Whale still holds over 4.2B DOGE, and on-chain data shows redistribution among mid-sized wallets, suggesting it’s not a full exit — at least not yet.

It’s been a rough start to the week for Dogecoin.

The memecoin dropped from $0.1667 on April 1 to a low of $0.1390 earlier today before managing a small bounce back to about $0.1474. The sudden downward pressure? Most of it came after a massive transfer caught the attention of the market.

On April 7, Whale Alert flagged a pretty eye-popping move — 300 million DOGE, worth over $41.7 million, was sent straight to Binance.

A Dormant Whale Wakes Up — and Markets React Fast

The sender? An address known as DU8gPC5 — a large DOGE wallet that’s been quiet for a while. This wallet holds over 4.29 billion DOGE, which is roughly $606 million worth at today’s prices. So yeah, this isn’t just some casual investor moving coins around.

And while the 300M DOGE moved only represents about 7% of that wallet’s total stash, it was enough to spook the market. Whenever whales send large amounts to exchanges, traders usually assume one thing: a big sell wall is coming.

But here’s the thing — there’s no confirmation yet that the whale actually sold. It might’ve just been a strategic test… or maybe they’re waiting for the right price.

On-Chain Signals Show a Quiet Shift

According to data from Santiment, whale behavior around DOGE has been shifting over the past few months. Wallets holding 100M to 1B DOGE? Those are shrinking. Meanwhile, mid-tier wallets (10M–100M DOGE) are growing. That suggests redistribution — big players trimming, smaller whales accumulating.

So, while the headline screams “whale sells,” the deeper picture shows more nuance. It’s not a full-on exit. Not yet.

Charts Flash Caution — $0.13 Is the Level to Watch

From a technical standpoint, DOGE is not in a happy place right now. It’s currently forming a descending triangle, which is usually a bearish continuation pattern — meaning, more downside is possible if support breaks.

That $0.13 level? It’s crucial. If DOGE breaks under it with real momentum, that could open the door for more selling pressure — especially with sentiment already shaky.

Also worth noting: the RSI is hovering around 35, which is on the low end. That means buying momentum is weak — and it hasn’t shown much sign of life yet.

It’s Not Just DOGE — The Whole Market’s Bleeding

DOGE’s drop comes alongside a broader market slide.

• Bitcoin fell over 8% in 24 hours, now sitting around $76,210
• Ethereum took a bigger hit, down more than 16%, barely above $1,500
• Altcoins like XRP, ADA, and BNB also saw double-digit losses across the board

So, while the DOGE move looks dramatic, it’s also part of a larger trend — the market’s just in a rough patch.

Final Take

Yes, a whale moved $41 million in DOGE to Binance. Yes, price dipped hard. But no — it doesn’t confirm a full liquidation. That wallet still holds billions of DOGE. Traders are watching closely, but for now, it’s all about whether $0.13 holds or breaks.

Because if it breaks? We might not be done falling yet.