CoinJournal • October 9th 2026, 7:38 AM
Dogecoin dips by 11% this week as whale balances shrink
Key Summary
Dogecoin has lost over 11% this week as large holders reduced their balances, but derivatives positioning offers a mixed picture, with long positions outnumbering shorts. The decline suggests some large holders are reducing exposure, potentially through profit-taking, and crypto data suggests caution, including overheating conditions and selling pressure. Despite this, long traders are paying short traders to maintain their positions, indicating some traders are positioning for a recovery.
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Dogecoin Faces Downside Pressure Amid Whale Balances Shrink
Market Analysis
Dogecoin traded near $0.085 on Friday after losing more than 11% this week. Two large-wallet cohorts reduced their combined holdings by 100 million DOGE since Tuesday.Technical Outlook
A close below $0.084 could expose $0.078 and $0.070, with resistance beginning at $0.086. Dogecoin traded around $0.085 on Friday, approaching a key trendline area after a weekly decline of more than 11%.Supply Pressure
Santiment's supply distribution data shows that wallets holding between 1 million and 10 million DOGE and those holding between 10 million and 100 million DOGE have collectively reduced their balances by 100 million tokens since Tuesday. CryptoQuant's summary indicators also point to caution, with overheating conditions in both spot and futures markets, alongside large orders and sell-side dominance in futures.Traders' Sentiment
CoinGlass' DOGE long-to-short ratio stood at 0.90 on Friday, approaching its highest level in more than a month. Funding rates remained positive at 0.0010%, indicating long traders were paying short traders to maintain their positions. Together, the readings suggest some traders are positioning for a recovery.#Dogecoin#US#Crypto#SEC