Large Dogecoin holders have sharply reduced their on-chain activity, with whale transactions falling to their lowest level in more than two months, according to fresh network data shared by on-chain analyst Ali Martinez.
Posting a Santiment chart on X, Martinez stated that โwhale activity on the Dogecoin network has dropped to the lowest level in the past two months.โ The chart tracks DOGEโs price against the number of transactions larger than $1 million. It shows frequent, tall spikes in high-value transfers in early October 2025, when price was oscillating near the upper end near $0.27.
Dogecoin Whales Plummets Sharply
On the day of the October 10 crash, the largest peak occurred when more than 280 Dogecoin whales made a transaction. This was followed by a progressive decline through late October and November. By November 29, the whale-transaction bar fell to 3 even as price trades around $0.15.
The drop has sparked debate about what it signals for market structure and liquidity. Responding to Martinez, analyst account CryptoGames3D argued that โwhale activity dropping on Dogecoin could mean one of two things: either whales are holding tight and waiting, or theyโre stepping out of the game; both cases bring risk. With low liquidity from big holders, even modest selling could hit prices hard.โ The comment underlines concerns that thinner participation from large entities can make order books more fragile if conditions turn.
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In a separate post on November 29, Martinez outlined what he called โkey levels for Dogecoin DOGE,โ citing โsupport at $0.08โ and โresistance at $0.20.โ Those levels are mirrored in a Glassnode cost-basis distribution heatmap he shared, which maps DOGEโs price since early 2024 against realized price bands where supply last moved.
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The heatmap reveals a dense cluster of supply around $0.08. A highlighted range between roughly $0.07999 and $0.08145 contains about 27.37 billion DOGE, marking it as a major realized-price support zone. Higher up, a second but thinner band between approximately $0.20103 and $0.20470 holds around 12.22 billion DOGE, forming a significant resistance cohort. The color scale, running from about 5 million to 31 billion DOGE, emphasizes how pronounced the lower cluster is relative to other price areas.
Taken together, the datasets present a tightly framed picture. DOGE is currently trading between a heavy long-term holder cost basis near $0.08 and a resistance pocket around $0.20, while the count of $1 million-plus transfers has compressed to a multi-month low.
At press time, DOGE traded at $0.137.
Featured image created with DALL.E, chart from TradingView.com
