- Over 3 billion DOGE sold by whales, signaling distribution amid weakening market confidence.
- Long/short ratios remain elevated across Binance and OKX despite a 30% monthly price drop.
- Trading volumes declined 42%, reflecting hesitation and reduced liquidity across major exchanges.
Dogecoin is trading at around $0.173 following a 3.17% defeat on the daily basis, and statistics are showing that the whales are widely distributed and the market sentiment is low. As traders await possible volatility in the short run, the asset has dropped 30 percent over 30 days and 45%. throughout the year, with a weak support level of $0.170.
Whale Distribution Pressures Market Stability
As per on-chain data, wallets that have between 10 million and 100 million DOGE have sold more than 3 billion tokens in the last month. This massive distribution, which is also shared by market analyst Ali (@ali_charts) is congruent with a significant retracement in prices between the $0.067 area and the new monthly lows. The shift is an instance of profit-taking by mid-sized holders which is normally regarded as a measure of the wider market confidence.
By the middle of August, the whale balances were stable and the prices were near $0.065-$0.067. But with September distribution, volatility increased sharply and price momentum lost. Any short-term surge was followed by fresh selling, which suggests that whales took advantage of temporary gains to sell and divest positions.
By late October, the decline intensified as supply continued returning to the market. DOGE dropped to the $0.059 zone before showing early signs of stabilization. This pattern typically marks the final phase of distribution before equilibrium emerges. The recent flattening of whale balances suggests that large holders may pause further selling if prices consolidate above key support levels.
Trader Positioning Shows Bullish Bias Despite Decline
Derivative data from Coinglass reveals a different narrative beneath the surface. Long/short ratios on major exchanges show that market participants remain largely bullish despite persistent downward pressure. Binance reports a 2.33 account ratio for DOGE/USDT pairs, while top trader positions show a ratio of 3.45. The ratio on OKX is 2.69 which means that the majority of traders still hope that the price will rebound in the near future.
This is a confidence coming at the time when DOGE has recorded almost a third depreciation in the last month. This kind of asymmetric positioning may be dangerous because in case of ever-depreciating prices, crowded long trades usually result in quick liquidations. Late estimates indicate that in the last hour more than $26,000 was liquidated and in four hours close to 1 million of it, predominantly on short transactions, as smaller price jumps startled bearish merchants.
Although short liquidations show temporary volatility on the upside, the trend is weak. The recovery process will only be long lasting when there is a change in the behavior of the whale and also the volume of trading will revive again just to affirm that the markets will have begun participating again.
Indicators of Liquidity and Volume Trends Show Hesitation in the Market.
The trading volumes have reduced drastically with the price action. In Binance, 24-hour trading is approximately 777 million, reducing by over 42 per cent, and in the likes of OKX, the number is approximately 582 million. This decline indicates that a large number of players are still sitting on the periphery awaiting a distinct market direction.
As per on-chain data, wallets that have between 10 million and 100 million DOGE have sold more than 3 billion tokens in the last month. This massive distribution, which is also shared by market analyst Ali is congruent with a significant retracement in prices between the $0.067 area and the new monthly lows. The shift is an instance of profit-taking by mid-sized holders which is normally regarded as a measure of the wider market confidence.The decrease in activity often precedes a phase of price compression or accumulation.
Dogecoin remains down 30% over 30 days and 45% year-to-date, indicating extended correction after previous rallies. Despite this, long ratios show continued optimism among derivative traders. This contradiction between price performance and positioning creates an environment where any sharp move can trigger chain liquidations in either direction.
The $0.170 support level now acts as a critical zone for price stability. If DOGE holds above this range and volume returns, a recovery toward $0.180 could form. Failure to sustain support would likely extend the downtrend and intensify volatility as liquidations rise in over-leveraged positions.
