The Current State of Dogecoin (DOGE)
Dogecoin (DOGE), one of the most popular memecoins, has faced significant selling pressure in recent weeks. Despite positive market events, such as increased whale activity and the anticipated launch of the Bitwise Spot Dogecoin ETF, the price remains stagnant. DOGE has dropped an additional 7.3% within the last 24 hours, positioning it as one of the weakest-performing large-cap cryptocurrencies in the current market downturn.
Whales Step Up Their Game But the Price Holds Still
Buying from whale wallets holding between 100 million and 1 billion DOGE escalated after November 7. Over just one week, these whales accumulated approximately 3.36 billion DOGE valued at over $550 million. However, this flurry of activity has not propelled the price upwards; Dogecoin continues to hover near $0.163. While such strong interest from whales is worth noting, their impact has been overshadowed by another group of influential market participants: long-term holders.
Why Long-Term Holders Hold the Key
The Hodler Net Position Change metric, which measures whether long-term wallets are adding (inflows) or removing (outflows) coins, has revealed aggressive selling activity. Between November 9 and November 13, long-term holders removed 148.3 million DOGE — a significant 138% increase in selling pressure over just a few days. Historically, long-term holders have triggered Dogecoin price recoveries, such as the 33% price surge in early September and another 5% bounce in mid-October. Until this group shifts back to adding DOGE, the price is unlikely to see any real upward momentum.
What’s Next for Dogecoin?
Currently, DOGE is trading near its largest cost-basis support cluster of $0.164–$0.165. This zone is critical for stability. If the price holds above this level, Dogecoin might have a chance to attempt smaller recovery movements. Conversely, if DOGE closes below $0.164, the lack of strong support lines could push the price down to $0.158 or lower levels like $0.151.
For a meaningful recovery, Dogecoin would need to break through resistance levels at $0.178 and $0.186. However, sustained gains can only occur if long-term holders reinvest in the cryptocurrency and shift the Hodler Net Position Change metric back to positive inflows.
Enhance Your Crypto Journey
Monitoring your crypto investments and staying informed about key market trends are essential for making smarter financial decisions. Tools like Ledger Nano X, a reliable hardware wallet, can help you securely store your Dogecoin and other cryptocurrencies.
A Final Word of Advice
As the crypto environment remains unpredictable, traders and investors should stay updated on market developments and manage their risks efficiently. Long-term holder behavior currently drives the Dogecoin market, so keep an eye on their activity for potential buying opportunities.
