Large holders of Dogecoin have sold hundreds of millions of tokens over the past few days, raising questions about the short-term direction of the asset.

Recent price movement and trading activity suggest the market is reacting to this heavy distribution.

Whales Offload 440 Million DOGE ($0.19)

Crypto analyst Ali Martinez reported that wallets holding between 10 million and 100 million DOGE sold around 440 million tokens in a 72-hour window. The shift is visible in on-chain data, which shows a sharp drop in whale holdings. As of now, those wallets hold approximately 23.48 billion DOGE.

440 million Dogecoin $DOGE sold in 72 hours! pic.twitter.com/UYDwACNSvH

— Ali (@ali_charts) October 31, 2025

Dogecoin is trading near $0.19 at press time, reflecting a 2% daily loss and a 6% weekly decline. Martinez noted that over 500 million DOGE were moved by large holders in just one week, as we reported. The timing of the sell-off lines up with the recent slide in price.

Triangle Breakdown Signals Weakness

Technical charts from Trader Tardigrade show Dogecoin breaking down from a symmetrical triangle pattern on the daily timeframe. It had been forming through October, with the recent move confirming a shift below both trendlines.

Source: Trader Tardigrade/X

According to the chart, the break below support suggests continued downside pressure. The drop follows the earlier downtrend, supported by a steady decline in volume and momentum.

On the 4-hour chart, Tardigrade noted that Dogecoin may be bouncing from a false breakdown. The price briefly dipped below the $0.178 support level before recovering. This follows an earlier false breakout near $0.21, which failed to hold and reversed quickly.

Notably, these failed moves on both sides may trap traders on the wrong side of the market. If the bounce continues, a short-term move back to $0.195 or higher is possible. Moreover, Tardigrade commented, “Dogecoin has fallen into a support zone while its RSI has dropped into the oversold zone,” suggesting a reaction from buyers at this level.

Long-Term Cycle Still in Play

CryptoPotato reported that Dogecoin has followed repeating long-term cycles. Each begins with a sharp drop, followed by a sideways phase, and then a strong move higher. The first cycle ended with a gain of over 5,800%. The second peaked above 21,000%, reaching $0.74 in 2021.

Meanwhile, there are early signs that a third Dogecoin cycle may be forming. A breakout has not been confirmed, but the structure remains valid (even though unlikely), with possible targets between $5 and $7.

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