Large holders of Dogecoin, known as whales, have recently liquidated approximately 440 million DOGE amidst a price decline to $0.19. Analysts are closely examining this market activity for further trends.

Whales Offload 440 Million DOGE

Crypto analyst Ali Martinez indicated that wallets containing between 10 million and 100 million DOGE participated in this sell-off, showing a noticeable decrease in whale holdings now resting at around 23.48 billion DOGE.

440 million Dogecoin sold in 72 hours!
— Ali Martinez

Currently, Dogecoin’s trading price is about $0.19, reflecting a 2% drop for the day and a 6% decline over the week. Over the past week, significant selling of over 500 million DOGE by major holders has raised concerns regarding short-term market direction.

Technical Analysis

Trader Tardigrade revealed that Dogecoin has broken out of a symmetrical triangle pattern on the daily chart, indicating potential weakness in the asset’s value.

Technical Analysis Chart Source: Trader Tardigrade/X

The movement beneath support levels hints at continued downward pressure following previous declines in volume and momentum.

Future Perspectives

The historical performance of Dogecoin suggests it has followed long-term cyclic patterns post significant downturns, leading to massive rallies. Observers are currently watching for any signs of such a cycle emerging again, with earlier indicators pointing towards a potential new upward trend.