Dogecoin has entered a period of relative quiet, with large holders — referred to as whales — staying on the sidelines.
The crypto market has remained in a weakened position since October's flash crash, which saw over $20 billion in leveraged positions liquidated.
The sell-off extended in November, with most crypto assets closing the past month in losses. Dogecoin, for instance, ended November down 21.69%. Dogecoin had reversed the bearish November trend in the past year, closing November 2024 with a 161% surge.
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Market participants had anticipated that the trend would be sustained, with history repeating itself in the past month, but this was not so as Dogecoin succumbed to bearish pressure on the market.
Selling pressure was unabated in December, with Dogecoin down 11.42% so far this month and on track to close its third consecutive red month in Q4.
A Q3 rise had spurred hopes of a rally in 2025, but as it stands, Dogecoin is down 64.3% on a one-year basis, with the hopes of a positive close in 2025 now slim.
Dogecoin whales suddenly quiet
Ali Charts notes relative quiet in the Dogecoin large holder camp as uncertainty remained on the broader crypto market toward the end of 2025.
Dogecoin $DOGE whales have been quiet for four weeks. No major buying or selling activity. pic.twitter.com/uvB6liWMNm
— Ali Charts (@alicharts) December 19, 2025According to Ali, Dogecoin (DOGE) whales have now been quiet for four weeks, with no major buying or selling activity.
This suggests that whales might be taking a wait-and-see approach as Dogecoin charts its next course on the markets. At press time, DOGE was trading at $0.1294, reversing a two-day drop from Dec. 16.
With the recent price drop, Dogecoin is trading below the crucial monthly support at the MA 50 at $0.138. A return above this level might reinforce strength for the Dogecoin price to target $0.30 once again.
Despite this, Dogecoin holders remained resilient; Santiment gives the nonempty wallets on the Dogecoin network as 8.13 million, trailing only ETH, BTC and USDT among large cap assets.
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