DOGE Breaks Through Key Level as Massive Whale Transaction Shakes Market Confidence

Dogecoin traders are facing mounting pressure as the meme coin slipped through a critical support level, with market activity suggesting more turbulence ahead. A significant whale movement involving 150 million DOGE has added fuel to the sell-off, signaling potential distribution among large holders during this volatile period.

The selling pressure stems from year-end profit-taking, a seasonal pattern that has historically weighed on altcoins. DOGE tumbled 3% as the price action broke below the $0.1226 support floor, a level many analysts were watching as a potential floor for stabilization. However, the breakthrough suggests bears still maintain control over the near-term direction.

What’s particularly noteworthy is the whale wallet activity. The movement of 150 million DOGE tokens suggests that institutional players or large retail holders are taking advantage of any strength to exit positions or reposition their holdings. This kind of on-chain activity typically constrains upside potential and keeps a lid on any bounce-back attempts.

Meanwhile, the futures market remains crowded with positioning. Open interest in DOGE derivatives has climbed above 1,500 million (or $1.5 billion in notional value), indicating that leveraged traders are still maintaining their bets. This elevated open interest can amplify volatility, especially if liquidations begin cascading in either direction.

The current price action suggests the battle between bulls and bears is far from over, but the technical breakdown combined with whale distribution makes the path of least resistance point lower in the short term.