Whale Panic? 200,000,000 DOGE and 50,000,000 ADA Sold in 48 Hours

TL;DR

• Dogecoin whales dumped 200 million tokens while the price hovers at $0.21, raising pressure.
• DOGE forms lower highs as whales exit—$0.19 support could be tested if the trend continues.
• ADA whales sold 50 million coins, hinting at a correction after steady August gains.
• Cardano’s price nears $0.80 support in a wedge, with potential breakout targets $0.90–$0.92 range.

DOGE Whales Sell Off $200M Tokens as Price Holds Steady

Over the past 48 hours, large Dogecoin wallets holding between 10 million and 100 million DOGE reduced their balances by a combined 200 million tokens. The move was flagged by analyst Ali Martinez, who shared recent on-chain activity showing a drop in whale holdings.

DOGE was trading at $0.21 at press time. The asset has slipped almost 1% in the past day and 4% over the last week, according to Coingecko data. Despite the size of the sell-off, price action has remained stable for now, though the trend points to rising pressure.

Interestingly, this isn’t the first sign of outflows from major holders. In late July and early August, whale wallets started reducing exposure while the price stayed range-bound. This kind of pattern often comes ahead of a broader move down, as larger players exit quietly before momentum shifts.

Recent chart data shows a clear series of lower highs. Combined with falling whale balances, the setup suggests that a move toward $0.19 could be possible if selling continues. Support sits just above $0.215, with key resistance levels around $0.222 and $0.224.

On the technical side, trader Tardigrade noted that the daily Ichimoku chart flashed a weak bearish cross above the Kumo cloud on August 31. The asset remains inside the cloud, which usually signals indecision or consolidation. No confirmed breakout or breakdown has followed yet.

Meanwhile, Bloomberg’s Eric Balchunas said Rex may be preparing to launch a Dogecoin ETF under the 40 Act. If approved, it could become the first listed ETF tied to DOGE, ahead of other filings involving TRUMP, XRP, and BONK.

ADA Whale Wallets Reduce Holdings by 50 Million

In the same timeframe, Cardano saw 50 million ADA sold by wallets holding between 1 million and 10 million tokens. This drop was also shared by Martinez and matches a visible decline in whale holdings on tracking platforms.

ADA was trading at $0.82 at the time of writing, slightly down on the day and 4% over seven days. Despite the outflow, the price has remained above $0.81, showing that current market activity is absorbing the sell-off for now.

Notably, throughout August, ADA had been climbing steadily. That trend has now slowed, and the recent reduction in whale holdings may be a sign that short-term traders are locking in profits. It also coincides with a pattern forming on the charts.

Cardano is now trading inside a descending wedge. The asset recently touched the lower edge near $0.80 and is testing resistance near $0.835.

A move past resistance with strong volume could open the door to $0.90 and above. Until then, the price may remain between $0.80 and $0.85.

Separately, Grayscale’s ADA ETF filing with the SEC remains in review, with a decision deadline set for October 26. As reported by CryptoPotato, the initial filing was made in February and could make Cardano one of the first assets beyond Bitcoin and Ethereum to get an ETF.

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