Whales have disposed of 440 million DOGE in 72 hours, with the price dropping to $0.19. Analysts are monitoring technical breakdowns and waiting for signs of a new cycle.
The holders of the large 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 movements and trading activity indicate that the market is reacting to this heavy distribution.
Whales are offloading 440 million DOGE.
Crypto analyst Ali Martinez reported that wallets holding between 10 million and 100 million DOGE sold about 440 million tokens within 72 hours. This shift is evident in the on-chain data, which shows a sharp decline in whale holdings. So far, these wallets hold approximately 23.48 billion of the currency $DOGE E.
Dogecoin is trading at a price of around $0.19 at the time of publication, reflecting a daily loss of 2% and a weekly decline of 6%. Martinez noted that major Dogecoin holders traded over 500 million Dogecoin in just one week, as we mentioned. The timing of the intense selling aligns with the recent price drop.
The triangle breakdown indicates weak signals.
The technical charts from Trader Tardigrade show the separation of Dogecoin from the symmetrical triangle pattern on the daily timeframe. The pattern had been forming throughout October, and its recent movement confirmed a shift below the trend line.
