DOGE Price Drops 5.84% as Mid-Tier Holders Accumulate 5 Billion Tokens Amid Heavy Selling

Dogecoin (DOGEUSDT) experienced a notable price decline of 5.84% over the past 24 hours, with the current price at 0.16351 USDT according to Binance data. The price drop is primarily attributed to mid-tier holders accumulating 5 billion DOGE since late October while large holders sold approximately $700 million in DOGE, indicating a shift in investor sentiment. Technical indicators such as a negative MACD and RSI below 50 have signaled weakening momentum, and DOGE failed to sustain resistance near 0.1788, prompting short positions and further selling pressure. Despite optimism surrounding a potential spot ETF launch, no recent protocol updates or partnership announcements have been reported, contributing to the mixed outlook. Dogecoin remains actively traded, with robust 24-hour volume and a market capitalization estimated between $24.71 billion and $26.62 billion, ranking it among the top cryptocurrencies.