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Dogecoin's biggest holders have been selling a lot of their coins, and the amount is pretty huge. Santiment's on-chain data, shared by analyst Ali Martinez, shows that wallets holding between 10 million and 100 million DOGE have dumped more than 3 billion coins over the past month.
That is about $520 million at today's DOGE price, gone from whale wallets right as the meme coin's rally died down.
DOGE's chart reflects the exodus. After topping near $0.30 in September, it slid to $0.17, erasing almost half of its value. The decline in whale balances lined up with the price compression, suggesting that large traders, not small ones, were driving the sell-side liquidity. The distribution intensified through October's wild market, with a few big sell-offs signaling direct exchange inflows.
It is unclear if these whales are switching up their investments or just taking profits, but there is no denying the link: less DOGE in major wallets, weaker spot structure. The market depth on Binance and Bybit has gotten thin, and the open interest in DOGE perpetuals is at its lowest point since March — $1.48 billion.
Dogecoin to the Moon
In the meantime, smaller addresses — those under 1 million coins — are showing some accumulation, probably retail traders betting on an Elon Musk-style rebound as the billionaire recently hinted at sending Dogecoin to the Moon.
Currently, the Dogecoin chart indicates a slow loss of value following a big surge, with 3 billion fewer DOGE whales to support it. If the whales continue to stay out of the game, things could remain calm until a new narrative sparks action again.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team