Dogecoin Plunges To $0.18 As Whales Sell 440 Million DOGE

Recent on-chain data reveals that Dogecoin whales have been significant sellers, potentially contributing to the memecoin's price decline. Over the past 72 hours, these large holders have shed approximately 440 million DOGE tokens. Whales are defined as investors holding between 10 million and 100 million DOGE, representing substantial capital. Their holdings are tracked by Santiment's Supply Distribution indicator, which shows a sharp recent decrease. This collective selling, valued at roughly $81.4 million, coincided with a downward trend in DOGE's price. Analysts like Ali Martinez are monitoring this whale selloff for clues about future price movements. In parallel, Dogecoin has been trading within an Ascending Channel pattern on its 12-hour chart. The crucial support level for this pattern is identified at $0.18. Dogecoin is currently retesting this support, having briefly dipped below it before recovering. If bulls maintain this support, potential upward targets are seen at $0.25 and $0.33. As of reporting, Dogecoin is trading around $0.185, experiencing a nearly 6% drop over the last week.