10 Billion DOGE Ready to Cash Out
Dogecoin may be facing a potential sell-off that could drop its price. A large chunk of coins (10 billion DOGE) is about to become profitable.
Crossing $0.17: A Double-Edged Sword
When Dogecoin crossed $0.17, it triggered a profit zone for many investors who bought between $0.15 and $0.168. This means that these coins are now worth more than what they were bought for.
Risk of Sell-Off
With the coins in profit, investors may be tempted to sell and secure their earnings. This could lead to a sell-off and a drop in Dogecoin’s price.
Investor Fatigue
Dogecoin has been relatively stable for most of 2023, but it’s seen some gains in March 2024. Investors may be tired of waiting and may decide to cash out at the first sign of profit.
Low Profit Margins
However, crossing $0.17 may not provide a significant profit margin for many investors. This could make them more likely to wait for higher prices before selling.
Potential Impact of Sell-Off
If a sell-off occurs, Dogecoin’s price could drop back to around $0.15.
Bullish Sentiment Remains
Despite the sell-off risk, bullish sentiment for Dogecoin remains strong. Analysts predict a significant price increase in 2024. Some analysts believe it could even reach $1, an all-time high.
