Dogecoin Slides 7% as Whales Sell 120 Million DOGE and Open Interest Shrinks
Dogecoin has slipped to a fresh danger zone. The original memecoin fell about 7% in 24 hours to around $0.0715 on November 5, trading below its lower Bollinger Band as big holders kept selling and derivatives traders walked away. With the next major support sitting at $0.068, the coin that once defined the memecoin rally is now testing whether buyers are willing to defend it at all.
The move is not a one-day accident. Dogecoin has now fallen for a fifth consecutive week, losing roughly 18% in a month and sitting about 40% below its year-to-date starting point, with a market capitalisation near $11.4 billion. The wider memecoin pack is sliding with it — Shiba Inu is down about 5% on the week — while Pepe, the one outlier, has climbed roughly 14% in a week. The split tells its own story: money is leaving the old memecoin leaders, and not all of it is coming back.
Whales Are Selling While Small Wallets Buy
On-chain data from Santiment shows the split inside Dogecoin's holder base clearly. Wallets holding between 10 million and 100 million DOGE have shed about 120 million tokens since the previous Thursday, while smaller wallets holding 100,000 to 10 million DOGE added roughly 100 million tokens over the same period. The big players are heading for the exit; the smaller ones are buying the dip.
Whale Alert logged the same pattern in individual transfers: a 564 million DOGE transfer worth about $41.6 million moved from the Gate exchange to an unknown wallet on November 3, and earlier that day a 421 million DOGE transfer moved from an unknown wallet into Gate — a direction analysts often associate with coins being positioned to sell.
That is a familiar pattern in a falling market. Small holders buy because the price looks cheap compared with last month; large holders sell because they are managing positions worth tens of millions of dollars and cannot afford to wait for a bounce that may not come. When the two groups disagree this clearly, the larger wallets usually win the argument — at least in the short term.
The Chart: Death Cross, Oversold RSI and a Thin Floor
Technically, Dogecoin is in trouble on every timeframe that matters. The coin sits below all three of its key exponential moving averages: the 50-day average near $0.082, the 100-day just above it, and the 200-day near $0.090. Each of those lines now acts as a ceiling, so any rebound runs straight into sellers waiting to exit.
On October 28, the 50-day moving average crossed below the 200-day — a bearish pattern traders call a death cross. The daily Relative Strength Index reads about 32.6, approaching the oversold threshold of 30, which suggests selling pressure may be weakening but has not yet turned. The Bollinger Bands place the middle line at $0.0776, the upper band at $0.0827 and the lower band at $0.0725 — and Dogecoin is now trading below even that lower band, a sign that selling has pushed the price outside its recent range.
The levels to watch are close together. Support sits at $0.0711, the low printed in the latest selloff, and then at $0.068, the August base that analysts at KuCoin News name as the next major floor. To the upside, $0.0776 is the first recovery level, with $0.0827 above it. A close below $0.068 would open the way toward a deeper drop — the kind of move that has analysts warning of a possible 25% slide if the floor gives way.
Derivatives Traders Are Leaving Too
The derivatives market is telling the same story as the spot market. Open interest in Dogecoin futures has fallen from a September peak of roughly $1.6 billion to about $1 billion by early November — a drop of nearly 40% that signals traders are closing positions rather than opening new ones. Total DOGE liquidations reached $2.66 million across Binance, Bybit and OKX over the last 24 hours, and short liquidations made up about 87% of that figure, meaning the latest leg down caught late short sellers as well as longs.
There is one small note of caution for bears: United States spot Dogecoin ETFs reported zero net inflows or outflows on October 30, and the Fear & Greed Index read 51 (Neutral) on November 5, up from a seven-day low of 27 (Fear). The market is not in panic. It is in a slow, grinding drift downward — and slow drifts have a habit of lasting longer than sharp crashes.
What Comes Next for DOGE
Dogecoin's problem is not a single bad headline. It is the combination: whales selling, derivatives exposure shrinking, the price below every major moving average, and a death cross still fresh on the chart. The one thing that could change the picture quickly is a reclaim of $0.0792 — the level KuCoin's analysts call the most important short-term zone. A break above it would put $0.085 in play and suggest the October selling is done. A close under $0.0732, on the other hand, opens fresh lows.
For memecoin traders, the lesson of this week is that the old leaders are not automatically the safe ones. Pepe is up 14% in a week while Dogecoin and Shiba Inu fall together, and the money rotating between memecoins is moving fast. Dogecoin remains the biggest memecoin by market capitalisation and the most liquid — but liquidity cuts both ways when the biggest wallets are the ones selling.
FAQ
Why is Dogecoin falling? Large holders have sold about 120 million DOGE in a week, derivatives open interest has fallen from about $1.6 billion to $1 billion since September, and the price sits below all its major moving averages after a death cross on October 28.
What is the key support level for DOGE? The immediate floor is $0.0711, the low of the latest selloff. The next major support is $0.068, the August base. A close below $0.068 would open the way to a deeper drop.
What is a death cross? A death cross happens when a short-term moving average (here the 50-day) crosses below a long-term one (the 200-day). Traders read it as a signal that the longer-term trend has turned bearish.
Is Dogecoin oversold? The daily RSI near 32.6 is approaching the oversold threshold of 30, which suggests selling pressure may be weakening — but oversold coins can stay oversold while they keep falling.
How far is DOGE from its all-time high? Dogecoin reached $0.7376 on May 8, 2021. At around $0.072, it trades roughly 90% below that peak and about 54% below its November 2025 price of $0.1622.
This article is market news and general information only — not financial advice. Prices move fast; always do your own research. Join the conversation on Zimbuck — the finance social platform for traders and investors — and follow the latest market news on the Zimbuck News page and in the Zimbuck Market News group. Related reading on Zimbuck: the Dogecoin Labs restructure story and the memecoin trading guide. External sources: TronWeekly and KuCoin News.
