How does selling Dogecoin affect its price?

3 answers

• Nov 27, 2021 · 3 years ago
  When a large number of people sell Dogecoin, it creates a higher supply in the market, which can lead to a decrease in its price. This is due to the basic economic principle of supply and demand. As the supply increases, while the demand remains constant or decreases, the price tends to go down. Therefore, selling Dogecoin in large quantities can potentially cause its price to drop.
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• Nov 27, 2021 · 3 years ago
  Selling Dogecoin can trigger a domino effect in the market. When a significant number of people start selling, it creates panic and fear among other investors, leading them to also sell their holdings. This can further drive down the price of Dogecoin. It's important to note that the impact of selling on price depends on various factors, including the overall market sentiment and the volume of selling.
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• Nov 27, 2021 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, selling Dogecoin affects its price by increasing the selling pressure in the market. As more people sell, the supply of Dogecoin increases, which can lead to a decrease in its price. However, it's important to consider that the price of Dogecoin is also influenced by other factors such as market trends, investor sentiment, and overall demand for the cryptocurrency.
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