Dogecoin Struggles as Whales Dump 570M Tokens
Key Takeaways
- Dogecoin (DOGE) continues to struggle with support at USD 0.15.
- Large investors (“whales”) are selling heavily – approximately 570 million DOGE in one week.
- Short-term holders are realizing losses, indicating waning confidence.
- However, long-term investors and retail buyers are showing interest.
- A clear bottom has yet to be confirmed – the situation remains tense.
Heavy Selling Pressures the Price
The USD 0.15 support level remains a critical area for Dogecoin. In recent days, large DOGE holders – known as whales – have sold significant amounts. Around 570 million DOGE changed hands within a week. These sales are putting pressure on the market.
An analysis of on-chain data reveals that the Spent Output Profit Ratio (SOPR) is negative. This indicates that many coins are being sold at a loss. In particular, short-term holders (STHs), who acquired DOGE within the last one to three months, are exiting their positions. Back in January, they held 17.47% of the circulating supply – currently, that number is down to just 6.5%. This points to widespread capitulation.
Retail and Long-Term Holders Show Strength
Despite the selling from whales and STHs, there are also positive signs. The group of long-term holders (LTHs) is continuing to build their positions. Notably, the cohort holding DOGE for one to two years has increased its share from 28% to 32%. This shows that some investors still have confidence in Dogecoin.
Retail activity is also evident. Net outflows – that is, DOGE being withdrawn from exchanges into private wallets – suggest that small investors are taking the opportunity to buy DOGE at lower levels. Recently, approximately 16.48 million DOGE were withdrawn from exchanges.
Market Structure Remains Fragile
Despite these counter-movements, Dogecoin’s market structure remains unstable. The USD 0.15 support level is still holding for now, but it remains vulnerable. The consolidation around this value could either be a pause before a recovery or a precursor to further decline.
Whether DOGE breaks out of this phase upwards will depend on whether the selling pressure can be fully absorbed. Until that happens, the risk of another price drop remains.
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Our Assessment
Dogecoin is in a critical phase. The retreat of large investors and losses among short-term holders point to weak market sentiment. At the same time, there is resilience shown by long-term investors and the retail sector.
The USD 0.15 support level is currently a focal point. If it holds, DOGE could gain stability in the medium term. If it breaks, further decline could follow. Those invested in DOGE or considering investing should closely monitor on-chain data and price developments.
Sources
- Glassnode
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
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| Further practical applications | |
| Price | $0.18 |
| 24h % | 4.95 % |
| 7d % | 17.07 % |
| 30d % | -10.72 % |
| 60d % | -21.10 % |
| 1y % | 21.67 % |
| Market Cap | $27,135,088,374.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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