Dogecoin (DOGE) is experiencing heightened turbulence as on-chain metrics reveal a $2 billion surge in trading volume alongside increased whale movements. While such explosive market activity might initially appear bullish, a deeper analysis paints a more bearish picture. Large holders are offloading their positions amid waning retail demand, casting doubt on the sustainability of recent price action.
### Dogecoin $2 Billion Volume Surge Raises Red Flags
On-chain data from TradingView shows a significant surge in Dogecoin’s trading activity. Volume climbed as much as 62%, surpassing $2 billion on Tuesday, November 3. Despite the spike in market participation, key technical indicators—including oscillators, Moving Averages (MA), and pivot points—collectively signal strong selling pressure.
Much of this increased activity is attributed to large holders (whales) liquidating their positions amid broader market weakness. This selling wave has added substantial downward pressure on DOGE’s price.
### Price Action Reflects Underlying Bearishness
TradingView data also reveals that Dogecoin’s price has been declining alongside this spike in volume. Since mid-October 2025, DOGE’s price had been consolidating within a tight range between $0.17 and $0.21. However, recent volatility pushed the price below this range, with DOGE currently trading around $0.16 at the time of writing.
Importantly, TradingView confirms that this price behavior is driven by whale distribution—not accumulation—indicating that large holders are exiting their positions rather than increasing them. Supporting this view, crypto analyst Ali Martinez reported that whales sold over 1 billion DOGE in a single week, following a $500 million liquidation the previous week.
This mounting sell pressure has significantly weakened Dogecoin’s technical outlook. Prices have dropped more than 37% over the past month, and momentum indicators show exhaustion among buyers.
### Analysts Warn of Deeper DOGE Decline as Support Crumbles
In light of Dogecoin’s ongoing price correction, analysts such as Ali Martinez and market expert Umair Crypto have issued fresh warnings. Martinez highlighted on X that DOGE has officially lost structural support at $0.18, invalidating previous bullish scenarios. His chart projections indicate potential downside targets near $0.12, representing a 30% decline from current levels if bearish momentum persists.
Similarly, Umair Crypto’s analysis points to Dogecoin trading near $0.169 after failing to hold prior support levels. He observes that the initial price bounce appears weak, signaling continued seller dominance. Umair’s chart identifies the next critical support around $0.141—approximately 15% below current prices.
He further warns that weak rebounds at key support levels often herald extended downtrends, suggesting further price declines could be imminent.
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As Dogecoin faces mounting selling pressure from whales and faltering retail demand, the outlook remains precarious. Traders and investors should watch key support levels closely and remain cautious amid this volatile environment.
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