Whale Selling Weighs on Dogecoin as Upside Momentum Fades

Dogecoin's price is under pressure after declining over 12% last week and trading near key support around $0.081 on Monday.

Data from Santiment shows that whale wallets, holding between 1 million to 10 million DOGE, have reduced their exposure by 260 million tokens since August 21, indicating potential profit-taking activity among top-tier whales and mid-sized whales.

However, derivatives data suggests mild underlying strength, with the long-to-short ratio reading 1.07 on Monday, indicating bullish sentiment among traders.