Dogecoin experienced a significant sell-off as mid-tier whales offloaded 440 million tokens over 72 hours, causing the price to drop below $0.18 on major exchanges.
The event highlights potential volatility in the Dogecoin market, with implications for investor confidence and possible shifts in whale trading strategies.
Dogecoin whales sell 440 million tokens, causing DOGE to dip below $0.18 amidst market reactions.
Over a recent 72-hour period, mid-tier Dogecoin whales sold off approximately 440 million DOGE. These on-chain wallet holders are typically responsible for balances ranging from 10 million to 100 million DOGE, marking a significant distribution phase.
440 Million DOGE Sold by Key Wallet Holders
While no official comments have come from Dogecoin’s core team or founders, the crypto community is closely observing these whale activities. Market analysts note the impact on DOGE, particularly its drop below the $0.18 support level.
Ali Martinez, Crypto Market Analyst, X (Twitter), “Dogecoin whales have offloaded over 440 million DOGE in 72 hours, reducing their supply share and pushing DOGE to retest the $0.18 support zone.”source
DOGE Price Plummets to $0.1740 Amid Sell-Off
The offloading led to a price decline in DOGE, touching lows of $0.1740 across exchanges. Unlike DOGE, BTC and ETH remained stable, suggesting an isolated disruption. Analyst Ali Martinez highlighted this sell-off’s substantial market influence on his social platform, X.
This event may cause further price volatility for DOGE but is not expected to impact broader cryptocurrency sectors. As whale transactions decreased, trading communities speculate on future price stability based on historical accumulation patterns.
Past Whale Activity Indicates Potential Stabilization
Comparing this recent whale activity with past events like DOGE’s May 2021 pullback, similar price corrections followed by long-term accumulation trends are evident. Larger whales have in the past initiated recovery phases post-mid-tier sell-offs.
Experts from Kanalcoin suggest that substantial whale activities often signal a market bottom, with historical data reflecting eventual stabilization. Despite initial liquidation fears, these events typically conclude with market recovery as mega-whales resume accumulation.
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