Dogecoin whales are now back in the spotlight as recent on-chain metrics reveal a major move involving hundreds of millions of DOGE. The latest data shows 440 million DOGE being offloaded as selling pressures intensify. Amidst this sharp decline in whale holdings, the meme coin’s price has experienced significant volatility, falling to $0.18 after recording weeks-long losses.
Dogecoin Whales Trim DOGE Holdings En Masse
According to on-chain data from crypto analytics platform Santiment, wallets holding between 10,000,000 and 100,000,000 DOGE have sold off roughly 440 million tokens within 72 hours. This large-scale distribution marks one of the most significant short-term liquidations from mid-level whale wallets in recent weeks.
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Notably, on Thursday, October 29, these wallets accounted for approximately 15.51% of the total DOGE supply, but that figure dropped to 15.31% the following day. Moreover, it declined again on October 31 to 15.17%, and now stands at a low of 15.15%, at the time of writing. As whales abruptly reduced their exposure, the market also responded quickly. Data from CoinMarketCap shows that Dogecoin’s price plummeted about 5.76% this last week, following its 27% crash over the past month.
As selling pressure increases for Dogecoin, Santiment’s data further reveals that whale transaction counts for holders managing DOGE worth $100,000 and above spiked to 119 transactions on October 30, before plunging to 15 at the time of writing. This sharp decline suggests a rapid transition from distribution to dormancy among short-term high-volume traders.
Interestingly, there have been signs of a redistribution, indicating that not all large holders are exiting the market. Santiment reports that whales with holdings exceeding 100,000,000 DOGE have increased their balances from 19.28% to 19.46% over the same period, implying accumulation from even larger players. Meanwhile, investors with holdings between 100,000 and 10,000,000 DOGE have maintained a steady position, signaling a neutral stance amid market uncertainty.
Analysts Eye $0.33 And Beyond As Technical Patterns Align
Despite widespread whale dumping, analysts remain optimistic about Dogecoin’s medium to long-term price trajectory. Crypto market expert Ali Martinez identified Dogecoin’s current price at $0.18 as a critical support level. Based on his analysis, maintaining this price floor could spark a recovery wave targeting $0.26 and potentially $0.33. His chart illustrating Dogecoin’s ongoing consolidation within an Ascending Channel highlights a potential upward break aligning with previous recovery phases.
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Adding to the bullish outlook, Bitcoinsensus has released a long-term projection, suggesting an explosive continuation of DOGE’s cyclical uptrend. The analysis compares past rallies, showing gains of 300% and 500%, and now points toward a potential 800% surge that could propel the meme coin to approximately $1.70 in the current market cycle. The accompanying chart reflects a pattern of expanding momentum phases, supported by ascending trendlines from 2023.
Featured image from Getty Images, chart from Tradingview.com