Large Dogecoin holders have executed significant sell-offs, with crypto analyst Ali Martinez reporting that wallets holding between 10 million and 100 million DOGE sold approximately 440 million tokens within a 72-hour period. This caused a sharp drop in whale holdings, now at around 23.48 billion DOGE, and contributed to Dogecoin's price decline to near $0.19, reflecting a 2% daily loss and 6% weekly decline.
In a separate event, blockchain tracker Whale Alert flagged a mysterious transfer of 300,000,003 DOGE (worth about $55.4 million) between unknown wallets, adding to market uncertainty. This activity coincided with Dogecoin breaking below key support at $0.1940 and hitting a weekly low of $0.176, amid a broader market crash that saw over $1.14 billion in liquidations.
Technical analysis from Trader Tardigrade indicated a breakdown from a symmetrical triangle pattern on the daily chart, suggesting continued downside pressure. However, a false breakdown on the 4-hour chart led to a brief bounce, with the RSI entering oversold territory, potentially inviting buyer interest. If the recovery holds, a short-term move to $0.195 or higher is possible.
Long-term cycle patterns were referenced, with historical gains exceeding 21,000% in 2021, but a third cycle remains unconfirmed. The sell-off unfolded as the Federal Reserve cut rates by 25 basis points, but Chair Jerome Powell's cautious remarks dampened market optimism, influencing the crypto downturn.
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