Dogecoin risks further decline as whales dump 750 million DOGE

Key takeaways

• Dogecoin (DOGE) is hovering near $0.068 on Wednesday, recovering slightly after sinking to a fresh yearly low of $0.066 during the previous session.
• Santiment data reveals that whale wallets holding between 100,000 and 100 million DOGE have dumped a combined 750 million tokens since November 3.
• A drop below the $0.065 support floor could spark additional losses, whereas buyers must reclaim $0.077 and $0.079 to brighten the token’s technical outlook.

Dogecoin (DOGE) is attempting a minor bounce on Wednesday after sliding to its lowest price level of the year. However, ongoing liquidations by whales and deteriorating market metrics leave the meme coin exposed to further downside.

DOGE currently trades close to $0.068, nudging slightly above Tuesday’s yearly low of $0.066 as buyers work to establish stability following the latest dip.

Even so, on-chain data shows large account holders scaling back their exposure, adding selling pressure to an already fragile market sentiment.

With Dogecoin lingering below key moving averages, the crucial support level at $0.065 will likely determine whether the cryptocurrency stabilizes or deepens its broader correction.

Dogecoin whales sell 750 million DOGE as confidence weakens

Major Dogecoin holders have been trimming their positions, exerting further downward pressure on the asset’s price.

According to Santiment’s Supply Distribution data, three distinct tiers of whale wallets have collectively shed approximately 750 million DOGE since November 3.

This offloading spans addresses holding between 100,000 and 1 million DOGE, cohorts holding 1 million to 10 million tokens, and larger accounts storing 10 million to 100 million DOGE.

The steady reduction across these tiers signals that major market participants are choosing to reduce risk rather than accumulate coins during the slump.

For Dogecoin, this concentrated selling coincides with a broader price decline that pushed the token to a new yearly low.

Broader chain metrics reinforce this cautious view. CryptoQuant’s market summary notes that both DOGE spot and futures markets are experiencing large whale orders alongside elevated trading activity.

The analytics platform highlights clear sell-side dominance across both markets, indicating that selling volume continues to outstrip buyer interest.

This pairing of sizeable orders and heightened market activity suggests that major entities are actively shifting their portfolios amid price volatility.

The simultaneous weakness across spot and derivatives desks is notably significant, demonstrating that bearish sentiment extends beyond a single group of traders.

Dogecoin technical outlook: DOGE hits new yearly low of $0.066

Dogecoin’s technical picture remains heavily tilted to the downside following its decline to a new yearly low. As of Wednesday, DOGE trades near $0.068, staging a minor rebound after falling to $0.066 during the prior session.

Despite this slight uptick, the cryptocurrency remains stuck below its major Exponential Moving Averages (EMAs), signaling that sellers maintain firm command of the overarching trend.

The 50-day EMA sits near $0.079, while the 100-day EMA is positioned around $0.081.

Higher up, the longer-term 200-day EMA resides at roughly $0.088, forming an additional layer of overhead resistance above the current price.

Trading underneath all three moving averages underscores the weakness in Dogecoin’s technical structure and suggests that recovery attempts may encounter renewed selling pressure.

Momentum indicators point to ongoing weakness as well. The daily Relative Strength Index (RSI) has slipped into the low-30s, indicating soft buying momentum and leaving DOGE near oversold territory.

At the same time, the Moving Average Convergence Divergence (MACD) remains slightly negative below the zero line, reflecting persistent bearish momentum.

This mix of soft momentum and robust overhead resistance suggests that any near-term rebound may stay constrained unless buying demand expands.

Dogecoin faces a critical test near the $0.065 support region, which serves as the next primary downside threshold following Tuesday’s drop to $0.066.

Failure to defend $0.065 could allow sellers to reassert control and force DOGE toward new yearly lows.

A decisive breakdown below this support would confirm the broader bearish trend and signal that the recent bounce has failed.

Should buyers step in near current levels, Dogecoin could still attempt a temporary recovery despite the prevailing bearish background.

Initial resistance rests right around $0.068, where the token is presently trading. A sustained push past this mark could encourage buyers to test the next horizontal resistance level at $0.077.

Overcoming that hurdle brings the 50-day EMA near $0.079 into play. Clearing the 50-day EMA would brighten Dogecoin’s short-term technical structure and potentially open a path toward the 100-day EMA at $0.081.

Subsequent resistance lies at the 200-day EMA near $0.088, followed by a stronger horizontal barrier around $0.102.