diff --git a/lib/json-dry.js b/lib/json-dry.js
index 6d2d1d5..b8c5ca9 100644
--- a/lib/json-dry.js
+++ b/lib/json-dry.js
@@ -956,7 +956,19 @@ class UndrierValue extends Value {
 				if (placeholder.waiters.length) {
 					while (placeholder.waiters.length) {
 						let waiter = placeholder.waiters.shift();
-						waiter.holder[waiter.key] = result;
+						let holder = waiter.holder;
+
+						let recursive = 0;
+						while (holder && holder.$replaced) {
+							holder = holder.$replaced;
+							recursive++;
+
+							if (recursive > 10) {
+								break;
+							}
+						}
+
+						holder[waiter.key] = result;
 					}
 				}
 			}