dogecoin whale Recent on-chain metrics have revealed a major move involving hundreds of millions of DOGE, which is once again in the spotlight. According to the latest data, 440 million DOGEs have been offloaded as follows: Selling pressure increases. Amid this sharp decline in whale holdings, the meme coin’s price experienced significant fluctuations, dropping to $0.18 after the record. weeks of losses.
Dogecoin whale deletes DOGE Holdings in bulk
According to on-chain data from cryptocurrency analysis platform Santiment, wallets holding between 10,000,000 and 100,000,000 DOGE have sold off Approximately 440 million tokens within 72 hours. This large distribution represents one of the most significant short-term liquidations. Intermediate level whale wallet In the last few weeks.
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Notably, on Thursday, October 29th, these wallets accounted for approximately 15.51% of the total. DOGE supplyBut the next day, that number dropped to 15.31%. Furthermore, it fell again to 15.17% on October 31st, and is at its lowest level of 15.15% at the time of writing. When the whale suddenly reduced its exposure, the market also quickly reacted. CoinMarketCap data shows that Dogecoin price plummets Last week it was about 5.76%, following a 27% plunge last month.
as Selling pressure on Dogecoin increasesSantiment data further revealed that the number of whale trades for holders controlling $100,000 or more of DOGE soared to 119 on October 30, before falling to 15 at the time of writing. This sharp decline suggests a rapid transition from circulation to dormancy among short-term high-volume traders.
Interestingly, there are signs of redistribution that indicate: Not all large holders are exiting the market. Santiment reports that whales with holdings of more than 100 million DOGE have seen their balances increase from 19.28% to 19.46% over the same period, suggesting accumulation from larger players. On the other hand, investors with holdings between 100,000 and 10,000,000 DOGE maintain stable positions, indicating a neutral position in this situation. market uncertainty.
Analysts focus on $0.33 and above as technical pattern matches
Despite widespread whale dumping, analysts remain optimistic about Dogecoin’s medium- to long-term price trajectory. Ali Martinez, cryptocurrency market expert identified Dogecoin’s current price is $0.18 as an important support level. Based on his analysis, maintaining this minimum price will result in wave of recovery The goal is $0.26 and possibly $0.33. His chart shows the ongoing consolidation of Dogecoin. rising channel It highlights the possibility of an upward break, consistent with the previous recovery phase.
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In addition to the bullish outlook, the Bitcoin Census released This is a long-term forecast and suggests that the cyclical upward trend in DOGE will continue explosively. The analysis compares past rallies, showing 300% and 500% gains, and points to a possible 800% surge that could push Memecoin to around $1.70 in the current market cycle. The attached chart reflects the pattern of an expanding momentum phase supported by an uptrend line from 2023.
Featured image from Getty Images, chart from Tradingview.com