Dogecoin (DOGE) Price: Whales Dump $74 Million Despite Nasdaq Merger Announcement

TLDR

• Dogecoin fell 21% this week despite House of Doge announcing a Nasdaq merger and Thumzup exploring DOGE payment integration
• Large holders sold 360 million DOGE worth approximately $74 million following the corporate announcements
• Thumzup’s announcement was exploratory only, not a confirmed launch, triggering profit-taking among traders
• The token is testing critical support at $0.19 with analysts watching this level for potential recovery or further decline
• Broader crypto market weakness added pressure as BTC and ETH also declined during the week

Dogecoin is down roughly 21% over the past week, trading near $0.20 despite two separate corporate announcements that initially appeared positive for the token.

House of Doge, the corporate arm backed by the Dogecoin Foundation and community, announced plans three days ago to merge with a Nasdaq-listed company and launch its own treasury. The news generated initial excitement but failed to sustain upward momentum.

On October 15, Thumzup Media Corporation released a statement saying it was exploring Dogecoin integration for creator payouts in its social advertising app. The company said the initiative aimed to reduce cross-border transaction friction and expand its crypto-native user base.

Chief Executive Robert Steele said the company wanted to build a scalable rewards system that could help creators retain more value. By routing payments through the blockchain, Thumzup sought to remove intermediaries that reduced micro-rewards.

However, the announcement fell short of confirming a live launch. Traders reacted with caution and profit-taking followed.

The token declined roughly 3% on the day of the Thumzup announcement. At press time, DOGE traded about 26% lower for the month and roughly 73% below its all-time high of $0.74.

Whale Activity Contradicts Corporate News

Despite the corporate developments, on-chain data shows large holders exiting positions. Net position change data reveals whale wallets offloaded 360 million DOGE, worth approximately $74 million.

This selling likely coincided with a broader flash crash across the crypto market. But the scale of Dogecoin-specific selling stood out from other assets.

The selling comes after earlier speculation around potential catalysts had fueled a rally toward $0.25 to $0.30. When momentum stalled, profit-taking accelerated.

Broader Market Conditions Add Pressure

Major tokens including BTC and ETH weakened during the week. Declining liquidity and risk aversion spread across the market.

Meme coins like DOGE tend to suffer sharper corrections during these phases. Traders often rotate funds toward larger-cap assets when market conditions deteriorate.

Analysts said the lack of clear follow-through from new corporate catalysts like Thumzup compounded the weakness. Market observers pointed to reduced inflows into meme assets and thinner liquidity conditions as contributing factors.

Technical Analysis Points to Critical Level

Traders are watching the $0.19 level as critical support. Market analyst Ali Martinez said maintaining this level could open the path to $0.33 in the coming weeks.

Martinez shared a chart showing DOGE trading within a parallel ascending channel. His analysis suggested that holding the lower boundary near $0.19 could trigger a recovery toward mid-range resistance around $0.25 and eventually $0.33 if momentum improved.

Failure to hold $0.19 could expose DOGE to deeper losses near $0.17. Other traders identified resistance between $0.22 and $0.24, highlighting the need for stronger buying volume to confirm a reversal.

The Relative Strength Index for Dogecoin hovered near 45 at press time. RSI values below 50 typically indicate weakening sentiment.

Technical analysts said the next 48 to 72 hours could determine whether DOGE stabilizes within its channel or extends its decline below key support. The token bounced off a key trend line recently, showing buyer support even as whales continued selling.

Trading volumes spiked to 10% of circulating supply. If DOGE clears $0.22 resistance, some analysts believe it could start a rally toward higher levels.

Thumzup had previously invested $2.5 million in DogeHash Technologies to expand its exposure to DOGE mining. The company said Dogecoin would function as an alternative payout method, not a fiat replacement.

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