In a major development on what’s being dubbed “Black Monday” in the crypto world, a Dogecoin whale has transferred 300 million DOGE — worth approximately $41.77 million — to Binance, sparking widespread concern over the meme coin’s short-term prospects. The transaction, tracked by Whale Alert, originated from wallet address DU8gPC5mh4KxWJARQRxoESFark2jAguBr5 and contributed to a nearly 15% price plunge within 24 hours.
— Whale Alert (@whale_alert) April 7, 2025
At press time, Dogecoin is trading around $0.13, its lowest point in weeks. The sudden drop aligns with a broader market sell-off driven by escalating global trade tensions, particularly after the U.S. implemented reciprocal tariffs under former President Donald Trump’s economic strategy. Major cryptocurrencies like Bitcoin and Ethereum also suffered sharp declines, compounding fears across digital asset markets.
The whale’s large-scale transfer has heightened fears of further price volatility. Typically, such transactions increase the exchange supply, putting downward pressure on prices due to heightened selling potential.
Some analysts believe the whale may be attempting to mitigate losses amid the broader market downturn. “It’s classic damage control,” one trader commented on X (formerly Twitter). “When whales move this volume, it’s rarely without motive.”
Yet, not all sentiment is doom and gloom. Crypto analyst Trader Tardigrade noted a second Relative Strength Index (RSI) bullish divergence on Dogecoin’s chart, suggesting improving momentum despite falling prices — often a precursor to a trend reversal. Still, analyst Berke Oktay warned of more downside risk if DOGE fails to reclaim its critical $0.17 support level.
As Dogecoin battles bearish winds, investors remain divided. While the likelihood of DOGE slipping below $0.10 appears limited for now, market caution continues to dominate amid heightened geopolitical and economic pressures.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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