Key Insights:
- Whale wallets offloaded 3B DOGE as prices dropped, suggesting sustained large-scale selling pressure.
- DOGE broke below key $0.21 support and now trades in a low-volume, high-volatility zone.
- Binance top traders increased long positions sharply despite falling price and weak technical indicators.
Wallets holding between 10 million and 100 million Dogecoin have reduced their balances by more than 3 billion DOGE over the last month. This shift started in early October and has continued through early November. On-chain data shows a steady drop in holdings, suggesting sustained sell-offs by large holders.
At the same time, DOGE’s price has declined from around $0.29 in mid-September to $0.18 as of November 8. The drop in price has moved in step with the reduction in whale holdings. The steepest decline took place from mid-October, when wallets began offloading more DOGE at a faster pace.
Price Drops After Breaking Key Support
Dogecoin was now trading around $0.1727. Over the past 24 hours, the price has dropped 4.2%. Over the last seven days, the loss stands at 7.3%. These moves follow a breakdown from the $0.21 level in October, which had acted as support. It now serves as resistance.
The current range between $0.16 and $0.18 was a support area earlier this year. There is no strong volume support below $0.16, which could lead to more price weakness if DOGE fails to hold this level. The bulk of past trading volume sits between $0.23 and $0.25. That area is now overhead resistance.
OBV Points to Ongoing Sell Pressure
The On-Balance Volume (OBV) indicator is still falling. It now sits near 615 billion. This shows that volume is leaving the asset. There is no sign yet of accumulation. OBV continues to move with price, which suggests selling pressure is driving the market.
There has been no sharp volume spike or reversal in OBV that would suggest a change in momentum. Until this changes, trading volume supports the current price direction.
Binance Traders Go Long Despite Decline
Data from Binance shows top traders are increasing their long positions in DOGE. The current long position ratio stands at 77.7%. The long/short ratio based on position size has risen from 2.80 to over 3.50 in the last two days.
The number of accounts holding long positions has also gone up. The ratio of long to short accounts is now above 3.00. This move shows traders are expecting a bounce. However, not all analysts agree.
One observer noted,
“It’s unusual to see such aggressive long positioning while prices keep falling.”
The current setup shows strong selling from whales, falling prices, and rising long interest from short-term traders. DOGE was trading in a narrow support zone, with few strong volume levels below. If support breaks, the next move could be sharp.
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