Dogecoin's price is under pressure as large holders, or whales, begin to offload their assets due to declining market confidence. Following a significant drop of more than 24% from its mid-July high of $0.28, the largest DOGE holders are indicating a lack of belief in a recovery. On-chain metrics reveal a decrease in open interest and daily active addresses—a drop from 1.65 million in Q4 2024 to just 58,000—hinting at weak demand and user engagement. The technical outlook suggests a bearish reversal, with the formation of a rising wedge pattern; if DOGE falls below the $0.218 support level, a further decline to $0.12—a potential 45% drop—could occur. Additionally, the recent transfer of 900 million DOGE to Binance raises concerns about sell pressure, suggesting that reduced trading activity and broader market skepticism may drive prices lower. Investors should be cautious, particularly if DOGE cannot maintain its position above the $0.19-$0.20 range to avoid deeper losses.

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