diff --git a/CHANGELOG.md b/CHANGELOG.md
index 67726a1..2a2bce8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,7 @@
+## 2.0.3 (WIP)
+
+* Fix placeholders not being replaced in certain circular circumstances
+
 ## 2.0.2 (2023-10-05)
 
 * Add `BigInt` support
diff --git a/lib/json-dry.js b/lib/json-dry.js
index da410ba..6d2d1d5 100644
--- a/lib/json-dry.js
+++ b/lib/json-dry.js
@@ -233,7 +233,7 @@ class RootValue {
 	 *
 	 * @author   Jelle De Loecker   <jelle@elevenways.be>
 	 * @since    2.0.0
-	 * @version  2.0.0
+	 * @version  2.0.3
 	 *
 	 * @param    {Object}     original_holder    The object that holds the value
 	 * @param    {String}     key                The key this value is held under
@@ -254,7 +254,19 @@ class RootValue {
 				result = value;
 			} else {
 				result = this.createReviverValueWrapper(original_holder, key, value, parent);
+
 				result = result.undriedValue(new_holder, key);
+
+				if (result && result instanceof Placeholder) {
+					if (result.done) {
+						result = result.result;
+					} else {
+						result.waiters.push({
+							holder: new_holder,
+							key   : key,
+						});
+					}
+				}
 			}
 		} else {
 			result = value;
@@ -856,13 +868,30 @@ class RefValue extends Value {
 	}
 }
 
+/**
+ * Represent a value that will be replaced later
+ *
+ * @author   Jelle De Loecker   <jelle@elevenways.be>
+ * @since    2.0.3
+ * @version  2.0.3
+ */
+class Placeholder {
+	constructor(holder, key) {
+		this.holder = holder;
+		this.key = key;
+		this.result = undefined;
+		this.done = false;
+		this.waiters = [];
+	}
+}
+
 /**
  * Represent a value that needs reviving using registered undriers
  * (Only used during undrying)
  *
  * @author   Jelle De Loecker   <jelle@elevenways.be>
  * @since    2.0.0
- * @version  2.0.1
+ * @version  2.0.3
  */
 class UndrierValue extends Value {
 
@@ -874,9 +903,9 @@ class UndrierValue extends Value {
 				this.placeholders = [];
 			}
 
-			let placeholder = Symbol();
+			let placeholder = new Placeholder(holder, key);
 
-			this.placeholders.push([holder, key, placeholder]);
+			this.placeholders.push(placeholder);
 
 			return placeholder;
 		}
@@ -895,16 +924,15 @@ class UndrierValue extends Value {
 		if (this.placeholders) {
 			let placeholder,
 			    holder,
-			    entry,
 			    key;
 
 			while (this.placeholders.length) {
 				
-				entry = this.placeholders.shift();
-
-				holder = entry[0];
-				key = entry[1];
-				placeholder = entry[2];
+				placeholder = this.placeholders.shift();
+				placeholder.done = true;
+				placeholder.result = result;
+				holder = placeholder.holder;
+				key = placeholder.key;
 
 				holder[key] = result;
 
@@ -924,6 +952,13 @@ class UndrierValue extends Value {
 						walk(holder, fixer);
 					}
 				}
+
+				if (placeholder.waiters.length) {
+					while (placeholder.waiters.length) {
+						let waiter = placeholder.waiters.shift();
+						waiter.holder[waiter.key] = result;
+					}
+				}
 			}
 		}
 
diff --git a/package.json b/package.json
index 4d27073..d2d068b 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
 	"name": "json-dry",
 	"description": "Don't repeat yourself, JSON: Add support for (circular) references, class instances, ...",
-	"version": "2.0.2",
+	"version": "2.0.3-alpha",
 	"author": "Jelle De Loecker <jelle@elevenways.be>",
 	"keywords": [
 		"json",