Dogecoin price is flashing warning signs as on-chain metrics point to an intense wave of profit-taking—just as its price struggles to hold key support levels. After briefly bouncing above $0.18, DOGE has failed to reclaim bullish momentum, and the risk of a short-term correction is now rising fast.
Could this be the beginning of a deeper pullback?
Profit-Taking Spikes to Monthly High
According to recent data, Dogecoin’s Network Realized Profit/Loss (NPL) has reached its highest level in over 30 days. This metric tracks whether wallets are realizing gains or losses—and right now, profit-taking is dominant.
Source: Santiment
That’s often a sign that many holders are cashing out after local rallies, historically followed by a cooldown. When profit realization outpaces new inflows, price pressure mounts—and that’s exactly what the chart now suggests for DOGE.
Dogecoin Price Action: Rejection at $0.18, Support at Risk
The technical picture confirms growing vulnerability. DOGE was rejected near $0.18, forming a lower high after the recent rally in early June. Volume is thinning, and momentum indicators are weakening.
Source: Tradingview
Immediate support sits around $0.16, with a break below likely triggering downside toward the $0.14–$0.13 zone. That would erase most of Dogecoin’s Q2 gains—and potentially put it back in the accumulation range last seen in April.
Whale Wallets Silent as Retail Sells
What’s notable is the absence of whale accumulation during this phase. While small traders are realizing profits, large holders—wallets that usually move DOGE in bulk—have not significantly added to their stacks. This lack of conviction from big players further limits upside potential.
Unless we see strong inflows into whale wallets or ETF-related momentum, Dogecoin’s risk-reward skews bearish in the short term.
Final Thoughts: Is DOGE Headed for a Breakdown?
Dogecoin remains one of the most recognized crypto assets, but recognition alone doesn’t hold price. With on-chain profit-taking hitting a peak, weak volume, and no strong buying from whales, the next move could be a retest of $0.14 support—unless sentiment shifts quickly.
Short-term traders should remain cautious. A breakdown below $0.16 could turn into a sharper slide.
