Whale Selling Hits 40 Million $DOGE as Dogecoin Tests Key $0.20 Support

Dogecoin ($DOGE) is experiencing significant market volatility as whale activity shakes short-term price dynamics. According to analyst Ali Martinez, wallets holding between 1 million and 10 million DOGE have sold approximately 40 million tokens in the last 24 hours. 

This large-scale selling contributed to Dogecoin’s sharp correction from its mid-September high near $0.299, bringing the price down to $0.223. Consequently, the token broke below the $0.24 support level, revealing the next critical level around $0.218.

Key Support and Resistance Levels

Ali Martinez identifies $0.20 as a key support level for Dogecoin. DOGE’s UTXO Realized Price Distribution shows over 12.7 billion DOGE (8.46% of the circulating supply) have accumulated around this price. Maintaining above $0.20 could boost bullish momentum, potentially pushing DOGE toward resistance levels at $0.24 and $0.27.

Source:X

Conversely, a decisive break below $0.20 may trigger panic selling, pushing prices as low as $0.15. Traders should watch this zone closely, as it may define whether the market consolidates or faces deeper corrections.

Trader Tardigrade points to another layer of support with the 150-day exponential moving average (EMA), currently near $0.22. Dogecoin has repeatedly rebounded from this level, showing persistent buying interest despite broader market pullbacks. 

The 150 EMA acts as a dynamic floor, limiting deeper declines while signaling ongoing accumulation. If daily closes stay above this support, consolidation with a positive bias remains likely. However, a clean break below $0.22 could expose the $0.20 support, testing the market’s resilience further.

Positive Catalysts on the Horizon

Despite recent selling pressure, Dogecoin’s daily performance shows resilience. Atpress time, DOGE trades at $0.2299, reflecting a 0.13% increase over 24 hours. Market activity remains robust, with a 24-hour trading volume exceeding $1.7 billion. 

Additionally, momentum could accelerate with upcoming ETF approvals. The 21Shares spot-based DOGE ETF recently listed on the Depository Trust & Clearing Corporation (DTCC), signaling broader adoption. The U.S. SEC is reviewing new ETF applications from Grayscale and Bitwise, with final decisions expected by October 17.