Dogecoin (DOGE) is under scrutiny as significant wallet activities raise concerns about its market performance.

Analysts are paying close attention to both the token’s price and the behaviors of large holders, known as whales, as Dogecoin strives to maintain a crucial support level following declines.

7 Billion DOGE Transferred in 30 Days

Data from September 19 to November 23 reveals that wallets containing between 10 million and 100 million DOGE have moved approximately 7 billion tokens. These wallets decreased from over 24 billion DOGE to about 17.17 billion within this month, coinciding with a price drop from $0.27 to $0.143. This reduction in holdings and price occurred simultaneously, indicating that the substantial outflows might have contributed to the downward trend.

7 billion Dogecoin $DOGE have been sold or redistributed by whales over the month! — Ali (@ali_charts) November 24, 2025

While some prominent holders have been exiting their positions, others are accumulating. Wallets possessing between 100 million and 1 billion DOGE were reported to have recently acquired 4.72 billion tokens, totaling around $770 million. This diverse behavior illustrates differing strategies among major holders.

Technical Setup Indicates a Possible Short-Term Recovery

Recent indicators suggest Dogecoin may be poised for a brief rebound. According to analyst Trader Tardigrade, a bullish crossover has formed on the MACD indicator, hinting at increasing momentum as the price approaches a descending trendline.

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The trader also pointed out an ascending triangle breakout and oversold RSI conditions. They noted that DOGE is “nearing the end of the downtrend,” suggesting the price needs to surpass resistance to confirm any change.

Additionally, the TD Sequential indicator has signaled a new buying opportunity. This tool aids in identifying exhaustion points in a trend, and analysts remember that previous appearances of this signal led to rapid rallies of over 100%.

DOGE ETFs Attract Market Attention

Dogecoin’s visibility has increased due to announcements regarding new exchange-traded products. Grayscale is getting ready to launch the GDOG ETF, while Bitwise is reportedly planning a similar product under review. These developments have given a temporary boost to market sentiment.

As of now, DOGE is trading near $0.146, having bounced from lows experienced last week. Investors are monitoring the $0.1468 support level to determine if the price can stabilize and aim for the next resistance levels.