Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

The Dogecoin (DOGE) price looks at risk of further declines as on-chain data show that the meme coin’s largest holders are securing profits. This follows DOGE’s recent price surge, which saw the crypto token rise to a new three-year high of $0.22.  Dogecoin Witnesses Wave Of Profit-Taking Data from the market intelligence platform Santiment shows a drop in the number of Dogecoin holders holding between 10 million and 100 million DOGE tokens. This suggests that some holders have offloaded their tokens to secure profits from DOGE’s recent price gains.  Related Reading: Hedge Fund Manager Predicts When Bitcoin Price Will Reach $150,000 This wave of profit-taking looks to have become a pattern among DOGE holders, as further data from Santimemt showed that these whales also instantly booked their profits just after DOGE enjoyed an upward trend earlier in March. Bitcoinist even reported then of a Dogecoin whale that offloaded 86 million DOGE tokens on the market.  Considering the magnitude of these whales’ holdings, their actions are bound to exert much selling pressure on the DOGE token. That explains why the meme coin has steadily declined since rising to as high as $0.22 last week. Interestingly, Santiment, in an X (formerly Twitter) post, had recently warned of an impending sell-off by these whales.  The crypto analytics platform noted how…..

chart from Tradingview.com