Dogecoin Dips to $0.18 Amid Massive Whale Sell-Off

Dogecoin, the popular meme-inspired cryptocurrency, has seen its price tumble to approximately $0.18, a decline largely attributed to significant selling pressure from its largest holders, known as "whales." On-chain data reveals a substantial distribution of DOGE by these influential investors, prompting concerns about the asset's short-term trajectory.

Whales Unleash 440 Million DOGE

Crypto analyst Ali Martinez highlighted in a recent post that Dogecoin whales, defined as wallets holding between 10 million and 100 million DOGE, have dramatically reduced their holdings over the past 72 hours. Utilizing Santiment's "Supply Distribution" metric, which tracks token amounts across various investor cohorts, Martinez revealed that these whales collectively shed 440 million DOGE, equivalent to roughly $81.4 million at current exchange rates. This considerable sell-off from major holders appears to have directly influenced the meme coin's recent price depreciation, indicating a shift in sentiment among this crucial investor group.

Navigating Critical Support: What's Next for DOGE?

The ongoing whale activity coincides with Dogecoin's price action within a significant technical pattern. Over the last few months, DOGE has been trading inside an "Ascending Channel" on its 12-hour timeframe. A critical support line for this channel sits firmly at the $0.18 mark. Following the recent whale-driven decline, Dogecoin briefly tested this support, dipping below it on Thursday before managing a recovery above it by Friday. Should the bulls successfully defend this crucial $0.18 level, analyst Martinez suggests potential upward targets of $0.25 and $0.33. However, failure to maintain this support could signal further downside. Currently, DOGE is trading around $0.185, reflecting an almost 6% decrease over the past seven days. The future price movement of Dogecoin will likely depend on whether this key support holds against continued selling pressure.