The price of Dogecoin (DOGE) took a nosedive today after a whale movement sent shockwaves through the crypto market. A whopping 400 million DOGE tokens, valued at roughly $41 million got transferred to cryptocurrency exchange Binance. This significant transaction has raised concerns about a potential sell-off and further price decline for the meme coin.

DOGE Bloodbath Follows Market Crash

The Dogecoin transfer comes amid a broader crypto market slump. The global market cap has shed a staggering 7.59% in the past 24 hours, currently hovering around $1.97 trillion. Leading cryptocurrency Bitcoin (BTC) did not get spared either, experiencing a 5.57% drop during the same period.

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However, the meme coin sector took the heaviest punches in this downturn. Dogecoin’s price has plummeted a steep 13.07% to $0.09725, dragging its market cap down to $14.1 billion – a decrease of 13.06%.

DOGE Sell-Off Likely, Technical Indicators Bearish

Experts believe the 400 million DOGE transfer is likely a sell-off, as whales often utilize major exchanges like Binance to offload their holdings. While Dogecoin’s price has already suffered, this transaction could trigger a further downward spiral.

Technical indicators further paint a bleak picture for DOGE in the short term. TradingView shows the meme coin trading below all its crucial moving averages, a sign that a rebound may be difficult to achieve. Bears appear to be firmly in control, suggesting continued price weakness.

Oversold Territory Offers Glimmer of Hope

Despite the grim outlook, there’s a potential silver lining for Dogecoin. The coin’s Relative Strength Index (RSI) currently sits at 24.4, indicating its oversold status. This suggests there’s a possibility of a breakout from the bearish trend, although a long-term recovery might be more realistic.The Dogecoin community will be closely watching how this massive transfer and broader market conditions impact the price of their beloved meme coin.