- Dogecoin fell 21% this week, dropping to around $0.20 despite House of Doge’s Nasdaq merger and Thumzup’s DOGE payout news.
- Whale selling of $74 million and broader market weakness intensified the decline, with $0.19 acting as critical support.
Dogecoin Faces Pressure Despite Positive News
Dogecoin (DOGE) has suffered a sharp 21% decline over the past week, currently trading around $0.20. This comes despite two recent announcements that seemed bullish for the meme token. House of Doge revealed plans to merge with a Nasdaq-listed company, aiming to launch a corporate treasury, while Thumzup Media Corporation explored Dogecoin integration for creator payouts on its social advertising platform.
However, these headlines failed to sustain upward momentum. Traders responded cautiously, with DOGE dropping roughly 3% following the Thumzup announcement. Overall, the token is down 26% for the month and nearly 73% below its all-time high of $0.74.
Thumzup is actively exploring and developing the integration of Dogecoin as an alternate payout mechanism for users of the Thumzup app.
Dogecoin's speed, low fees, and community appeal make it a natural fit for Thumzup's reward ecosystem. 🐕
Dive into the press release:… pic.twitter.com/eyc1Nvq0Fr
— Thumzup Media Corporation (@thumz_up) October 15, 2025
Whales Exit Positions Amid Market Weakness
On-chain data reveals significant selling activity by large holders. Whale wallets offloaded 360 million DOGE tokens valued at approximately $74 million, outpacing typical market movements. This occurred alongside broader crypto market weakness, including drops in Bitcoin and Ethereum, fueled by thin liquidity and increased risk aversion.
Market analysts note that meme tokens often face sharper corrections during downturns, as traders shift capital toward larger-cap assets. In Dogecoin’s case, weak follow-through from corporate catalysts further compounded selling pressure.
Critical Support at $0.19 Holds Key
Analysts are closely monitoring the $0.19 price level, identified as crucial technical support. Market expert Ali Martinez suggests that maintaining this support could allow DOGE to rebound toward $0.25 and potentially $0.33, assuming improved buying volume.
$0.19 is mission-critical for $DOGE. Keep it, and $0.33 is the next stop! pic.twitter.com/Tlp3Vk7NtS
— Ali (@ali_charts) October 16, 2025
Resistance levels are seen between $0.22 and $0.24, which need stronger demand to clear. The Relative Strength Index (RSI) for Dogecoin sits near 45, indicating weakening market sentiment. Analysts highlight that the next 48 to 72 hours will be pivotal in determining whether DOGE stabilizes or falls below key support.
Despite ongoing whale selling, recent price action shows DOGE bouncing from a trend line, suggesting that buyer support remains. Trading volumes have reached around 10% of the circulating supply, pointing to potential for a recovery rally if the $0.22 resistance is cleared.
While corporate announcements like House of Doge’s Nasdaq merger and Thumzup’s DOGE payout exploration create long-term potential, short-term price stability remains challenged by whale activity and broader market weakness. Investors will be watching closely whether Dogecoin can hold the $0.19 support and regain momentum in the coming days.
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