Dogecoin fell 7% and dropped below $0.13 after large on‑chain flows signalled concentrated selling pressure. The move coincided with a significant transfer of tokens to a major exchange.
On‑chain movements showed a roughly $500M transfer to Binance, an outflow that market participants treated as whale‑linked selling and profit taking. DOGE repeatedly failed to clear the $0.15 zone and was rejected multiple times near $0.137–$0.138 before the breakdown below $0.13.
The cascade was magnified by broader crypto weakness, including a slide in Bitcoin that prompted rotation out of higher‑beta meme tokens. The resulting spike in spot volume accompanied rising liquidations and a measurable drop in derivatives open interest, a pattern consistent with hurried distribution rather than gradual profit‑taking.
Technical picture and market implications
The chart structure deteriorated after the rejection band at $0.137–$0.138 flipped to resistance. Price found temporary relief near $0.127, which now functions as the immediate support line. Momentum indicators such as the MACD and RSI were described as signaling fading buying interest.
Absent a clear catalyst, reclaiming the $0.137 area is necessary for short‑term stability, while a decisive break above $0.15 would be required to re-establish a bullish regime. Market indicators and on‑chain flows suggested selling pressure dominated buying interest during the episode.
Investors and product teams will now watch whether DOGE can retake $0.137 and hold $0.127; derivatives positioning and further large on‑chain transfers will determine whether this episode proves a temporary flush or the start of a deeper correction.
For compliance and custody operations, the concentration of flows to a single exchange underscores the need to monitor counterparty and liquidity risk in fast-moving token markets.
