Dogecoin Faces $2.2B Bottleneck: Will It Break or Backfire?

Dogecoin is grappling with a significant obstacle – a concentration of tokens held at around $0.21, representing about $2.2 billion in value. This accumulation could create a critical resistance point for the cryptocurrency, potentially leading to selling pressure from holders seeking to sell at or near their purchase price. Market analyst Ali Martinez flagged this bottleneck through Glassnode data, suggesting it may shape Dogecoin’s near-term price trajectory. 10.5 billion tokens were held at this level, creating a major hurdle in its path.