• Dogecoin (DOGE) price has dropped 14% from its Aug 13 high due to fading hype around X’s potential token payment option.
• DOGE whales have become active, with multiple large-scale transactions happening recently.
• The DOGE price is moving inside a bearish pattern with a 61% price target.
Dogecoin Price Drops As Elon Musk Hype Fades
Dogecoin (DOGE) price has dropped 14% from its Aug 13’s high of $0.0768 as the hype around X inclusion died down. It rallied 130% so far in 2023, partly led by speculations that Elon Musk’s X (formerly known as Twitter) will add the token payment option on its platform. Despite the decline in prices, DOGE whales have become super active, according to data resource Whale Alert which flagged multiple large-scale transactions that may have been part of huge selling orders.
Whale Movement Continues
The whale movement continued as an unknown wallet moved 82.8 million DOGE tokens (worth over $5.7 million) to Robinhood and another user transferred over 317.5 million DOGE tokens (worth over $22.2 million) from Binance to an unknown wallet address. Market participants continue to anticipate a probable Elon Musk tweet that might help kickstart another DOGE price rally which could be driven by X users quoting old Musk interviews regarding the social media platform’s future involving Dogecoin payments .
DOGE Price Moving Inside A Bearish Pattern
Meanwhile, the D