Dogecoin price has remained under pressure. The token is down around 2% over the past 24 hours and more than 12% over the past month. Price action has weakened, but the decline is slowing. Dogecoin is trading near the lower boundary of a declining price structure, with a bear flag forming, keeping downside risk active, especially if support near $0.124-$0.120 fails.
What stands out is how speculative supply has behaved as price drifted lower. On November 29, the 1-week to 1-month hold cohort controlled roughly 7.73% of Dogecoin’s supply. As of December 23, that share has dropped to about 2.76%. These holders tend to amplify downside when they panic sell. These holders tend to amplify downside when they panic sell.
At the same time speculative supply is shrinking, longer-term holders are showing early signs of accumulation. The 1-year to 2-year holder cohort has increased its share of Dogecoin supply from around 21.84% to 22.34%. The increase is small, but the signal matters. Coin activity across the network, measured via the spent coins metric, supports that view, as spent coins have fallen sharply from about 251.97 million DOGE to 94.34 million DOGE.
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