Dogecoin price has struggled to recover past $0.20 since its price dropped below this level during late February. Dogecoin maintains a price of $0.1754 while showing a 4% decrease during the last 24 hours.
The market uncertainty has led to price drops as DOGE fails to maintain upward momentum despite growing on-chain activity.
A massive Dogecoin (DOGE) transfer of 360,000,000 tokens worth $62.67 million was recorded. According to Whale Alert, the funds moved from an unknown wallet to Binance.
Large DOGE transfers from private wallets to exchanges typically indicate potential selling activities. The act of selling on an exchange platform results in higher supply levels that put downward pressure on prices.
Large-scale sales by holders would likely cause DOGE to temporarily decrease in value because the increased market supply would outweigh demand. The same can affect Dogecoin price.
However, the deposit may not necessarily lead to an immediate price drop. The whale might have transferred the funds for safekeeping or future trading rather than selling.
If buyers absorb the incoming supply, the price may remain stable. Traders are now observing Binance’s DOGE trading activity to see if selling pressure builds or if the market maintains balance.
However, the deposit itself does not guarantee that prices will drop immediately. The whale deposited funds into the exchange account, which could be for both storage purposes and future trading instead of a sale. If the incoming supply can be absorbed by buyers, then the price would remain unchanged.
Dogecoin’s Active Addresses Surge 270%
Meanwhile, the Dogecoin network experienced explosive growth as active wallet usage rose by 270% during a single day. The wallet activity statistics show that active wallets grew from 71,750 to 264,000.
This sudden spike in network activity indicates growing user participation that might stem from new investors or large transactions or increased speculative trading behavior.
The number of distinct wallets participating in network transactions during a specific time frame is known as active addresses. Higher activity can signify a positive Dogecoin price outlook.
The metric indicates growing asset interest when it shows an upward trend. However, the increased on-chain activity has not translated into price appreciation for DOGE, which continues to trade at $0.193 after a downward price movement.
The continued buying pressure from increased active addresses might propel DOGE toward price appreciation. However, short-term speculative activity driving the increase in on-chain activity could lead to ongoing market volatility.
Dogecoin Price Repeating Pattern Hints at a Large Price Move
Dogecoin’s historical price movements demonstrate recurring periods of price drops that transition into powerful upward trends.
Three significant price retracements occurred in DOGE since October 2022, which triggered substantial market value increases. The latest pullback, in December 2024 market correction caused DOGE to drop by 66% in value while matching previous price declines.
DOGE experienced a 64% price decline in October 2022, which triggered a 300% price increase when it reached its June 2023 low point. The price dropped 64% in March 2024 before experiencing a 500% price increase.
The ongoing correction extends deeper than past cycles, yet historical patterns indicate that a breakout might occur. Historical data suggests that DOGE could be gearing up for another price increase that could push its value to $1.
DOGE Holds Key Levels Amid Market Speculation
Dogecoin faces powerful resistance barriers across its weekly price chart. Historical price data indicates that Dogecoin will experience a major upward price movement after it surpasses these resistance levels and establishes them as new support zones.
During the period from 2014 to 2017, Dogecoin failed to break through an essential resistance barrier. However, the price experienced a substantial increase after breaking through its resistance point.
A similar pattern occurred where Dogecoin spent multiple years below its critical level from 2018 until 2021 before turning it into support. The breakout event resulted in DOGE reaching $0.70 during 2021.
Dogecoin price has recently tested its 2021 breakout point, which now functions as support. If the price maintains its position above this support area, it could trigger another upward movement.
The price level has shown historical evidence of supporting significant price appreciation, which analysts predict will push DOGE toward $1.
Source: https://www.thecoinrepublic.com/2025/03/10/assessing-the-odds-of-a-dogecoin-price-rally-to-1-amid-360m-doge-transfer/