Dogecoin Panic? 7,000,000,000 DOGE Moved in Just 1 Month

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Dogecoin sees 7B tokens moved in 30 days as whales shift and bullish signals hint at a short-term price recovery.

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Summarize with AI

Dogecoin (DOGE) has come under pressure after major wallet activity triggered renewed focus on the token.

Analysts are monitoring both the price and whale behavior as DOGE tries to hold above a key support level following sharp declines.

7 Billion DOGE Moved in 30 Days

Between September 19 and November 23, on-chain data shared by Ali Martinez shows that wallets holding between 10 million and 100 million DOGE “sold or redistributed” nearly 7 billion coins. These wallets dropped from over 24 billion DOGE to about 17.17 billion in just one month. This period also saw DOGE’s price fall from $0.27 to $0.143.

This decline in holdings and price happened in parallel, suggesting that the large outflows may have added to the downward momentum.

While some large holders were moving coins out, others were buying. Addresses holding between 100 million and 1 billion DOGE accumulated 4.72 billion tokens recently, valued at roughly $770 million. This behavior may reflect different strategies among holders at scale.

Technical Setup Hints at Short-Term Bounce

Dogecoin has shown signs of a short-term recovery. On the 4-hour chart, analyst Trader Tardigrade pointed out that it has formed a bullish crossover on the MACD indicator. The move suggests rising momentum as the price pushes toward a descending trendline.

DOGE ETFs Add to Market Focus

DOGE has gained attention following announcements about new exchange-traded products. Grayscale is preparing to launch the GDOG ETF, while Bitwise is reportedly planning a similar product under review. These developments have added a short-term boost to sentiment.

As of press time, DOGE is trading near $0.146 after bouncing from last week’s lows. Traders are watching the $0.1468 support area to see if the price can hold and start a move toward the next resistance levels.

    
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Source: https://cryptopotato.com/dogecoin-panic-7000000000-doge-moved-in-just-1-month/