Despite Its Elevated Position as the World's Premier Meme Coin, Dogecoin (DOGE) Has Been Struggling

Despite its elevated position as the world's premier meme coin, Dogecoin (DOGE) has been struggling in the 2025 cryptocurrency market

Despite its high ranking as the world’s premier meme coin, Dogecoin (DOGE) has been struggling in the 2025 cryptocurrency market, with the latest trend demonstrating a massive whale exodus.

Specifically, large Dogecoin holders dumped a massive 570 million DOGE, worth approximately $88.8 million at press time, within a single week, as the prominent on-chain analyst Ali Martinez revealed in an April 18 X post.

Large #Dogecoin $DOGE holders have sold over 570 million DOGE in the past week!

As the chart shows, the selling began on April 10 with a large volume of 342 million DOGE being sold at an average price of 0.1538.

The selling continued throughout the week, and by April 13, another 228 million DOGE had been sold at an average price of 0.1574.

As of April 17, the selling seems to have slowed down, with only 55 million DOGE being sold at an average price of 0.1548.

It will be interesting to see if this trend continues in the coming days. ✍️

— Ali Martinez (@ali_chart) April 18, 2025

Considering the extensive selling and the fact that Dogecoin is, with its press time price of $0.15586, 50.70% down in the year-to-date (YTD) chart, with the recent trends being, at best, of stagnation, the question of where the meme coin is headed is more than open.

Technical analysis insights into Dogecoin’s next move

The basic technical analysis (TA) indicators are, unfortunately, inconclusive for hopeful DOGE traders. The relative strength index (RSI), for example, reveals that the cryptocurrency is in a neutral position with a reading of 44.33.

Similarly, the meme coin is roughly equidistant from both its nearest support level at $0.153 and its nearest resistance level at $0.159, though both levels indicate where investors might anticipate a breakout.

Does community optimism hint at a bearish breakout for DOGE?

Elsewhere, recent community analyses Finbold retrieved from the TradingView trader network paint a more bearish picture. Earlier in April, multiple members noted that Dogecoin is bouncing off a supply zone, indicating it could enjoy a bullish breakout.

Despite this, DOGE had, by press time on April 18, fallen slightly below its launchpad levels above $0.157, and the more long-term charts demonstrate that the cryptocurrency’s stability has been only ephemeral since the start of 2025.

If the recent patterns remain strong, Dogecoin can be expected to drop below $0.15, with the trend pushing it toward $0.14. Still, if it retains stability at its current levels, there is a strong possibility it may soar once again towards $0.17.