TLDR
- Dogecoin whales sold 440 million DOGE tokens within a 72-hour period according to on-chain data from Santiment.
- Mid-level wallets with between 10 million and 100 million DOGE decreased their share from 15.51% to 15.15% of the total supply.
- Dogecoin price dropped to $0.18 after falling 5.76% last week and crashing 27% in the last month.
- Election transactions worth over $100,000 rose to 119 on October 30 before falling to just 15 transactions.
- Larger Dogecoin whales with over 100 million tokens increased their positions from 19.28% to 19.46% during the same period.
Dogecoin whales have sold 440 million DOGE tokens in the past 72 hours, sparking fresh concerns about volatility. The meme coin fell to $0.18 after weeks of falling prices and increasing selling pressure. Data from the chain confirms mid-level wallets have completed one of their largest short-term liquidations in recent weeks.
Mass distribution of Dogecoin whales reduces DOGE holdings
Santiment data shows that wallets with 10 million to 100 million DOGE sold around 440 million tokens. These Dogecoin whales controlled 15.51% of the total supply on October 29th but dropped to 15.15% currently. The rapid decline occurred over just three days, indicating accelerated distribution patterns.
The market reacted quickly to the election activity with immediate price corrections. CoinMarketCap data shows that DOGE fell 5.76% last week and crashed 27% in the past month. Transaction volumes for Dogecoin whales managing over $100,000 increased to 119 on October 30.
However, these large transactions dropped to just 15 at the time of reporting. The sharp decline indicates that high-volume traders shifted from active distribution to dormant positions. This transition occurred within days, reflecting rapid changes in voting behavior and market sentiment.
Bigger players accumulate while mid-level incumbents leave
While mid-level dogecoin whales reduced holdings, larger players also increased their positions during the same period. Wallets above 100 million DOGE increased their share from 19.28% to 19.46% of the total supply. This accumulation pattern suggests strategic buying by top holders when prices fell.
Meanwhile, investors with between 100,000 and 10 million DOGE maintained stable positions throughout the volatility. Their neutral stance indicates a wait-and-see approach when the market experiences turbulence. Different wallet levels clearly adopt different strategies in response to current price action.
Sentiments on the chain metrics show that this redistribution continues across different holder categories. The data reveals complex dynamics between different classes of Dogecoin whales and smaller investors. Market participants position themselves differently based on their holdings and risk tolerance.
Analysts project recovery despite election sell-off
Crypto analyst Ali Martinez identified $0.18 as a critical support level for DOGE price action. Sustaining this floor could trigger a retracement wave targeting $0.26 initially, Martinez suggests. His analysis points to a potential rally towards $0.33 if support holds.
Martinez’s chart shows that DOGE is consolidating within an ascending channel pattern similar to previous recovery phases. The technical formation suggests that upward momentum may resume as the current selling pressure subsides. Historical patterns indicate that there is recovery potential despite ongoing election distribution.
Bitcoinsensus released long-term forecasts comparing DOGE’s current cycle with past performance trends. Previous rallies produced gains of 300% and 500% in previous market cycles. Analysis now suggests a potential 800% rally that could push DOGE towards $1.70.
The forecast is based on growing momentum phases supported by rising trend lines from 2023. Chart patterns reflect cyclical behavior that has been repeated over several market cycles. These technical indicators offer context for potential future price movements, despite the current weakness.
Current market status shows mixed signals
Dogecoin whales continue to shape market dynamics through their buying and selling decisions. The sale of 440 million tokens represents a significant supply coming to market in a compressed time frame. Price action at $0.18 now acts as a test for near-term direction.
The discrepancy between holding behavior at the mid-level and top tier creates uncertainty about future trends. Smaller Dogecoin whales reduce exposure while the largest holders accumulate more tokens. This breakdown signals different levels of conviction across wallet sizes and investment horizons.
