Many DOGE investors were holding onto the digital asset for its stability compared to other leading cryptos. However, DOGE’s price has slipped further down despite maintaining a price of $0.165 throughout last month. Worse still, there are no indications that its performance will likely increase anytime soon.
The DOGE Struggles
In the last two days, a general crypto market downturn resulted in the coin-flipping its next crucial support as a resistance. Before this downturn, DOGE has been bouncing around the $0.16 range since June 2021.
DOGE/USD 24-hour chart. Source: TradingView
However, an intotheblock data revealed that DOGE whales sold nearly $29B worth of DOGE on December 28. What was more significant was that these DOGE whales performed 99.5% of all the DOGE transactions on that day (all of whom account for nearly 45% of the total DOGE supply).
DOGE whale transaction volume. Source: intotheblock
The intotheblock data revealed that the transaction volume from non-DOGE whales was a little over $100m out of the nearly $29b worth of DOGE transactions that took place on that day. It is easy to understand why Whales’ sudden actions negatively impact a coin’s price. It is a proven fact that investors will sell any token whose whales are divesting their investments.
DOGE Might Remain Bearish For The Near-Term
Hence, it was no wonder that the DOGE investment sentiment index reached a 4-month low a day after the DOGE whale transaction. All technical indicators show bearishness concerning DOGE price. Hence, it might take a while before DOGE can become bullish again.
DOGE Investment Sentiment Index. Source: Sentiment.
However, this may change suddenly due to the influence of its main supporter (Mr. Elon musk). While Musk’s influence will undoubtedly help DOGE price turn bullish again, it remains to be seen how long the network will keep relying on its influence to get the native token out of every bearish situation.
Mozilla Halts DOGE Donations, Dogecoin Co-Founder Reacts
Despite the challenges facing its network, one of Dogecoin’s founders, Billy Markus, has accused Mozilla foundation of putting a pause on accepting crypto donations.
Markus made his feelings known via Twitter and stated that the ‘mob’ would soon come to terms with the cost of fiat donations and realize that donations with digital assets would have been the best.
So, starting today we are reviewing if and how our current policy on crypto donations fits with our climate goals. And as we conduct our review, we will pause the ability to donate cryptocurrency. 3/4
— Mozilla (@mozilla) January 6, 2022
As widely reported, Mozilla had announced that it would accept crypto donations (including Dogecoin) through Bitpay (a popular crypto payment processor) but halted crypto donations following huge backlash from its huge followers. The criticism had more relevance after one of the platform’s founders, Jamie Zawinski, joined other critics criticizing the company. As the criticism kept gathering momentum, Mozilla tweeted via their official Twitter account that it had put an end to the donations.
So, starting today we are reviewing if and how our current policy on crypto donations fits with our climate goals. And as we conduct our review, we will pause the ability to donate cryptocurrency. 3/4
— Mozilla (@mozilla) January 6, 2022
Mozilla cited the negative impact of crypto mining on the environment as its reason for stopping crypto donations. It is not clear whether the company will resume crypto payments after concluding its investigation.
