Panic Sell? 440,000,000 DOGE Dumped in 72 Hours by Dogecoin Whales

Large holders of Dogecoin have sold hundreds of millions of tokens over the past few days, raising questions about the short-term direction of the asset.

Recent price movement and trading activity suggest the market is reacting to this heavy distribution.

Whales Offload 440 Million DOGE

Crypto analyst Ali Martinez reported that wallets holding between 10 million and 100 million DOGE sold around 440 million tokens in a 72-hour window. The shift is visible in on-chain data, which shows a sharp drop in whale holdings. As of now, those wallets hold approximately 23.48 billion DOGE.

Dogecoin is trading near $0.19 at press time, reflecting a 2% daily loss and a 6% weekly decline. Martinez noted that over 500 million DOGE were moved by large holders in just one week, as we reported. The timing of the sell-off lines up with the recent slide in price.

Triangle Breakdown Signals Weakness

Technical charts from Trader Tardigrade show Dogecoin breaking down from a symmetrical triangle pattern on the daily timeframe. It had been forming through October, with the recent move confirming a shift below both trendlines.

Dogecoin (DOGE) price chart
Source: Trader Tardigrade/X

According to the chart, the break below support suggests continued downside pressure. The drop follows the earlier downtrend, supported by a steady decline in volume and momentum.

On the 4-hour chart, Tardigrade noted that Dogecoin may be bouncing from a false breakdown. The price briefly dipped below the $0.178 support level before recovering. This follows an earlier false breakout near $0.21, which failed to hold and reversed quickly.

Notably, these failed moves on both sides may trap traders on the wrong side of the market. If the bounce continues, a short-term move back to $0.195 or higher is possible. Moreover, Tardigrade commented, “Dogecoin has fallen into a support zone while its RSI has dropped into the oversold zone,” suggesting a reaction from buyers at this level.

Long-Term Cycle Still in Play

CryptoPotato reported that Dogecoin has followed repeating long-term cycles. Each begins with a sharp drop, followed by a sideways phase, and then a strong move higher. The first cycle ended with a gain of over 5,800%. The second peaked above 21,000%, reaching $0.74 in 2021.

Meanwhile, there are early signs that a third Dogecoin cycle may be forming. A breakout has not been confirmed, but the structure remains valid (even though unlikely), with possible targets between $5 and $7.

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