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Dogecoin (DOGE) entered September without its largest players making a move — a phenomenon spotted by analyst Ali Martinez.
According to his on-chain data review, wallets holding between 10 million and 100 million DOGE — basically the most influential Dogecoin investor group there — have been reducing exposure since mid-July, now sitting near 24.19 billion coins. The balance line, usually more reminiscent of a cardiogram, has flattened into something close to indifference.
That lack of activity really stands out on the price chart. DOGE hit above $0.27 in July before dropping off, and since then it's been hanging around the $0.21 mark, not too much movement.
What used to be a cycle of whales accumulating and distributing and DOGE's price following is now broken, so the market is just drifting without the same weight behind it.
When will Dogecoin go "to Moon"?
The monthly chart makes it clear how the situation is still up in the air. For most of the year, DOGE hasn't broken out of its $0.14-$0.25 range, even after last spring's rally toward $0.45. September's opening candle is barely green, and so far it doesn't look like the range is about to change.
This situation might be good for everyday holders, though, because there is no whale pressure, but there's also no liquidity support. Dogecoin's price action right now is an example of a holding pattern within small trading activity dictated majorly by broader market moods.
In practical terms, it means that unless those sidelined DOGE whales return, Dogecoin's next decisive swing may take longer to arrive than retail alone is able to deliver.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team