TL;DR
- Dogecoin whale transactions have dropped to their lowest point in over two months, reflecting reduced on-chain activity from large holders.
- Current DOGE price is $0.1336, down 10.85% in the last 24 hours.
- Analysts note that lower participation from major holders could increase volatility, as even small trades may have a stronger impact on market prices and liquidity.
Dogecoin has experienced a sharp decline in activity among its largest holders, with whale transactions reaching levels not seen since early September. Recent on-chain data indicates a significant reduction in transfers over $1 million, highlighting a shift in how top investors are managing their DOGE positions. The decline comes alongside a broader market pullback, reflecting uncertainty across multiple cryptocurrencies, while trading volumes overall have shown slight contraction.
Dogecoin Whales Plunge To Multi-Month Low
On-chain analyst Ali Martinez reported that whale activity on the Dogecoin network has fallen considerably. In early October, daily spikes often exceeded 200 high-value transactions, coinciding with DOGE prices around $0.27. By late November, the number of whale transfers dropped to just 3, while DOGE trades at $0.1336, down 10.85% in the last 24 hours. Market watchers point out that periods of low whale activity often precede larger swings as smaller holders react to price changes more strongly.
This decline in whale activity may affect market liquidity, making prices more sensitive to buying and selling pressure. Lower engagement from large holders can amplify market swings, as even modest transactions could have a stronger impact than usual.
Key Support And Resistance Levels Highlight Market Structure
Martinez also highlighted critical price levels for DOGE, identifying support at $0.08 and resistance near $0.20. A Glassnode heatmap shows a dense cluster of supply around $0.08, containing about 27.37 billion DOGE, forming a long-term support zone. A smaller resistance band between $0.20103 and $0.20470 holds roughly 12.22 billion DOGE. These zones indicate that DOGE’s current trading range is largely shaped by long-term holder positions, while whale activity remains minimal.
The combination of low whale transactions and concentrated supply levels suggests that even small trades could trigger amplified volatility. Analysts are monitoring whether whales will resume active trading or continue holding, which could influence short-term price movements.
At the time of writing, Dogecoin trades at $0.1336, down 10.85% in the last 24 hours, marking one of the quietest periods of whale activity in the past two months.
