Dogecoin Market Faces Turbulence as Major Whale Wallets Execute Massive Sell-Offs
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Increasing Whale Activity Sparks Concern in the Dogecoin Market
Recent on-chain analysis has spotlighted potential issues within the Dogecoin ecosystem as significant whale wallets are divesting their holdings at a rapid pace. Data from Santiment, highlighted by cryptocurrency analyst Ali Martinez, reveals that wallets containing between 10 million and 100 million DOGE have disposed of over 570 million coins in the last week. This behavior could signal imminent price volatility and downward pressure in the coming days.
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Whales Withdraw as Dogecoin Struggles to Maintain $0.155
The analysis shared by Martinez on the social platform X illustrates a consistent decline in whale holdings from April 10 through April 17, 2025. These wallets, each containing between 10 million and 100 million DOGE, significantly influence market dynamics due to their ability to liquidate large volumes. At the prevailing Dogecoin price, the smallest wallet in this group holds approximately 10 million tokens, valued at around $1.58 million.
Over the past week, the collective holdings of these wallets fell from over 24.3 billion DOGE to just under 23.8 billion DOGE, coinciding with a drop in Dogecoin’s price from approximately $0.165 to $0.155. This movement suggests these holders may be transferring their DOGE from personal storage to cryptocurrency exchanges.
Market Sentiment and Price Impact: What Lies Ahead?
Large-scale coin distribution by whales can often precede significant market corrections, particularly when trading volumes are insufficient to offset the sudden increase in supply. This whale activity is noteworthy, as it comes at a time when Dogecoin is consolidating near a critical support level of $0.155 after failing to sustain a breakout beyond $0.17 earlier in the week. Currently, Dogecoin is trading at $0.158.
The latest trends reveal that instead of accumulating at these lower price points, certain whale addresses are reducing their holdings, indicating a possible loss of confidence in a price rebound. Should this pattern of declining whale holdings persist, Dogecoin may experience a further correction, potentially testing key support levels at $0.144 or even $0.138 in the coming weeks. A retest of these lower support ranges will be pivotal, as increased whale accumulation will be essential for a price recovery. If a rebound occurs, short-term bullish targets to monitor include $0.1607 and $0.1670.
Interestingly, the challenges extend beyond Dogecoin, as the broader cryptocurrency market has also witnessed significant whale sell-offs in recent days. At the time of this report, Dogecoin is trading at $0.1584, with recent trading hours marking a temporary push above the $0.155 support level.
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