DOGE Whales Trigger Market Concerns as Massive Sell-Off Continues

Recent on-chain data has revealed a worrying trend in the Dogecoin (DOGE) ecosystem, as large holders, or ’whales,’ are rapidly offloading their holdings. Over the past week, wallets holding between 10 million and 100 million DOGE have sold more than 570 million coins, raising fears of increased price volatility and potential downward pressure. Crypto analyst Ali Martinez highlighted this trend using Santiment data, noting a steady decline in whale holdings. This sell-off could signal further price instability for DOGE in the near future.

Dogecoin Whales Could Drive Next Price Crash

On-chain data has raised concerns in the Dogecoin ecosystem as whale wallets holding between 10 million and 100 million Doge are shedding their holdings at an alarming rate. According to Santiment data noted by crypto analyst Ali Martinez, these whales have offloaded over 570 million coins in the past week alone, signaling potential intensified price volatility and downside pressure. The chart shared by Martinez shows a steady decline in whale holdings from April 10 through April 17, 2025, indicating that the current price struggles at $0.155 could worsen.

Dogecoin’s Dogeday Celebration Fails to Spark Market Movement

While Dogecoin’s Dogeday festivities showcased the coin’s loyal fanbase and cultural relevance, the celebration failed to spark any meaningful market movement. Instead, Dogecoin was the worst-performing asset among the top 20 cryptocurrencies, dropping over 2.5% compared to the muted performance of the general market. This disappointing performance led to roughly $2.8 million in liquidations, with traders betting on an upward price movement losing more than $2 million.

Dogecoin Price Forms Triangle Pattern, Breakout Imminent

Dogecoin has been trading between $0.15 and $0.16 recently, forming a triangle pattern on the 4-hour candlestick chart. The narrowing range follows a wider consolidation move since April. Analysts note classic market indecision, but a recent higher low suggests growing bullish activity that could push the price above the upper trendline of the triangle pattern in the coming week.