weeks-long losses.
Dogecoin Whales Trim DOGE Holdings En Masse
According to on-chain data from crypto analytics platform Santiment, wallets holding between 10,000,000 and 100,000,000 DOGE have sold off roughly 440 million tokens within 72 hours. This large-scale distribution marks one of the most significant short-term liquidations from mid-level whale wallets in recent weeks.
Notably, on Thursday, October 29, these wallets accounted for approximately 15.51% of the total Dogecoin’s price plummeted about 5.76% this last week, following its 27% crash over the past month.
As selling pressure increases for Dogecoin, Santiment’s data further reveals that whale transaction counts for holders managing DOGE worth $100,000 and above spiked to 119 transactions on October 30, before plunging to 15 at the time of writing. This sharp decline suggests a rapid transition from distribution to dormancy among short-term high-volume traders.
Interestingly, there have been signs of a redistribution, indicating that not all large holders are exiting the market. Santiment reports that whales with holdings exceeding 100,000,000 DOGE have increased their balances from 19.28% to 19.46% over the same period, implying accumulation from even larger players. Meanwhile, investors with holdings between 100,000 and 10,000,000 DOGE have maintained a steady position, signaling a neutral stance amid market uncertainty.
Analysts Eye $0.33 And Beyond As Technical Patterns Align
Despite widespread whale dumping, analysts remain optimistic about Dogecoin’s medium to long-term price trajectory. Crypto market expert Ali Martinez recovery wave targeting $0.26 and potentially $0.33. His chart illustrating Dogecoin’s ongoing consolidation within an Ascending Channel highlights a potential upward break aligning with previous recovery phases.
Adding to the bullish outlook, Bitcoinsensus has released a long-term projection, suggesting an explosive continuation of DOGE’s cyclical uptrend. The analysis compares past rallies, showing gains of 300% and 500%, and now points toward a potential 800% surge that could propel the meme coin to approximately $1.70 in the current market cycle. The accompanying chart reflects a pattern of expanding momentum phases, supported by ascending trendlines from 2023.
