On-Chain Data Reveals Major Sell-Off

Recent on-chain data suggests that significant selling pressure from large-scale investors, or “whales,” may be a key factor behind Dogecoin’s recent price decline. According to analysis from Santiment, a blockchain analytics firm, these major token holders have been actively reducing their positions.

This specific group of whales, defined as wallets holding between 10 million and 100 million DOGE, has collectively sold off 440 million tokens over the last 72 hours. At current market rates, this sale is valued at approximately $81.4 million. The coordinated distribution from this influential cohort appears to have directly contributed to the downward pressure on the memecoin’s price.

Key Technical Level Faces Pressure

Alongside the on-chain selling, Dogecoin’s price is also testing a critical technical support level. Analyst Ali Martinez highlighted that DOGE has been trading within an ascending channel on its 12-hour chart. This pattern is defined by two parallel, upward-sloping trendlines that contain the price action.

The lower boundary, or support line, of this channel is located at the $0.18 mark. Following the whale-driven sell-off, the price briefly dipped below this level before recovering. According to Martinez, successfully defending this support could be crucial for a potential rebound, with possible targets at $0.25 and $0.33. A failure to hold this line, however, could signal further declines.

Dogecoin’s Current Market Position

At the time of writing, Dogecoin is trading around $0.185. The token has experienced a nearly 6% decrease in value over the past seven days, reflecting the recent selling activity and broader market sentiment.

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