Dogecoin Sell-Off Imminent? 10 Billion DOGE About To Move Into Profit

Dogecoin could be headed for an impending decline that could cause the price to plummet, with a significant portion of the coin about to turn into profits. In this case, it is not uncommon for many investors to sell their holdings in order to secure profits.

10 billion DOGE aims for profit

In an interesting development, Dogecoin price moving above $0.17 could be both good and bad for the price. This is because a large amount of DOGE coins were purchased between his $0.15 and $0.168 levels, meaning all of these coins can profit from above $0.17.

according to data According to IntoTheBlock, approximately 10 billion DOGE coins are stuck at this level, waiting to make a profit. At current prices, more than $1.58 billion would be waiting to be recouped at his $0.17 price point.

Source: IntoTheBlock

A move above $0.17 would be positive for Memecoin, but it would also put it at risk of selling from these holders. Given that Dogecoin’s price was depressed for most of 2023 before seeing some gains in March 2024, investor fatigue is to be expected, with some holders quickly seeing this and taking profits. It will be like this.

However, there is also the fact that a price movement above $0.17 will not result in significant profits for many investors. Therefore, they may be more inclined to wait for a higher price and then sell, rather than barely breaking even on their investments.

What happens if Dogecoin is sold?

Currently, Dogecoin price is 7% below the $0.17 price level, but it still has some runway to get there. However, if a majority of these DOGE investors decide to sell their coins, Dogecoin price could be pushed back towards the $0.15 support.

Despite the threat of decline, bullish sentiment continues to dominate the meme coin as multiple crypto analysts predict a significant increase in DOGE price.Altcoin Sherpa Analyst believe Dogecoin price will do very well in 2024, outperforming many altcoins.

Another analyst, Ali Martinez, revealed that memecoin is currently in the buy zone, making it a good choice for accumulation. DOGE prices could rise another 700% from here, surpassing the $1 threshold and reaching new all-time highs, Martinez said.

Dogecoin price chart on Tradingview.com

DOGE price trending at $0.158 | Source: DOGEUSDT on Tradingview.com

Featured image from Coinpedia, chart from Tradingview.com

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