What happened?
Whales sold about $440 million worth of Dogecoin in a 72-hour period right before Halloween, putting heavy downward pressure on the price. Their selling broke a key demand zone around $0.18 and invalidated an ascending channel that once pointed toward $0.26–$0.33. Technical indicators like MACD falling below its signal and the RSI nearing oversold suggest a fresh downtrend, though historical supports near $0.12, $0.09 and a deep floor around $0.07 could limit losses.
Who does this affect?
This mainly hits Dogecoin holders and short-term traders who were banking on continuation of the recent rally. It also drags wider meme-coin sentiment down, making speculative positions riskier and increasing volatility across that corner of the market. At the same time, investors are rotating capital toward utility-focused projects (like SUBBD) that promise real product use cases, which could benefit creators, fans, and early-stage investors in those platforms.
Why does this matter?
The sell-off can force Dogecoin to test much lower support levels, potentially erasing significant gains and amplifying bearish sentiment across meme coins. If momentum flips and macro tailwinds (e.g., rate easing, spot DOGE ETFs) arrive, a rebound could be large — but for now the path looks riskier and more uncertain. Capital shifting into utility tokens means fewer buyers for speculative coins, changing supply-demand dynamics and making market recoveries slower or more selective.