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Dogecoin

Dogecoin Whales Are Rapidly Dumping DOGE, Do They Know Something You Don’t?

Scott Matherson
by Scott Matherson
2 weeks ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows that Dogecoin whales are offloading their coins, providing a bearish outlook for the foremost meme coin. This comes amid the significant decline in the DOGE price, with the meme coin at risk of dropping below the psychological $0.2 level. 

Dogecoin Whales Are Dumping Their Coins

Santiment data shows that Dogecoin whales, who hold between 10 million and 100 million DOGE, are currently dumping their coins. The number of coins that these whales hold has declined since July 19. At the time, these investors accounted for 16.85% of the meme coin’s total supply. 

Related Reading: Dogecoin Price Crash Below $0.19 May Be Imminent If This Happens

Since then, this percentage has dropped with Dogecoin whales selling some of their coins, although they still account for around 16% of DOGE’s total supply. Notably, this development coincides with the decline in the DOGE price, which indicates that these whales may be derisking to avoid potential losses. 

The Dogecoin price had rallied to as high as $0.27 in July but has since then been on a downtrend and is now at risk of dropping below $0.2. The bearish sentiment towards the foremost meme coin is also strengthened by the current Bitcoin price action. The flagship crypto has been on a decline since it reached a new all-time high (ATH) of $124,000 early last month. 

Dogecoin
Source: Chart from Santiment

However, despite the current bearish sentiment towards DOGE even among Dogecoin whales, there are upcoming developments that paint a bullish outlook for the foremost meme coin. The Fed is expected to cut rates at its September FOMC meeting, which could inject new liquidity into DOGE and serve as a catalyst for higher prices. 

Meanwhile, the Dogecoin ETFs could launch in October, with the SEC expected to approve these funds next month. Moreover, Bloomberg analyst Eric Balchunas revealed that REX Osprey could launch a DOGE ETF through the 40 Act by next week.

DOGE Is Stuck In a Wedge

In an X post, crypto analyst Brittany Willo noted that Dogecoin is currently stuck in a wedge. The analyst urged the bulls to step and defend the $0.21 to $0.22 range. Will predicted that the DOGE price could reach as high as $0.30 if it breaks out to the upside. This will mark a new 2025 high for the meme coin. 

Related Reading: Dogecoin Price Risks Crash Below $0.1, But Can Bulls Facilitate This 800% Rally To $1.82 First?

Meanwhile, crypto analyst Trader Tardigrade provided a more bullish outlook for the Dogecoin price. In an X post, he said that DOGE remains bullish with the 5-wave Descending Broadening Wedge. His accompanying chart showed that the meme coin is preparing for a rally to as high as $0.7, which will bring it within reach of its current ATH of $0.73. 

At the time of writing, the Dogecoin price is trading at around $0.21, down in the last 24 hours, according to data from CoinMarketCap.

Dogecoin
DOGE trading at $0.21 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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