From September 19 to November 23, on-chain data from Ali Martinez showed a significant shift in DOGE allocation among large-holder wallets. Wallets holding between 10 million and 100 million DOGE “sold or redistributed” nearly 7 billion tokens, reducing the total DOGE held by this group from over 24 billion to about 17.17 billion. At the same time, the price of DOGE also dropped sharply from $0.27 to $0.143.
The parallel decline in holdings and price suggests that the large token outflow from this group of wallets may have contributed to the accelerated downturn.
However, the overall picture isn’t entirely negative. Another large wallet group—holding between 100 million and 1 billion DOGE—purchased 4.72 billion tokens, worth about $770 million. This indicates a strategic divergence: some large investors are reducing their positions, while others are increasing their holdings to capitalize on long-term value.
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