1,320,000,000 DOGE in 48 Hours – What's Happening?

Cover image via U.Today

Cryptocurrency analyst Ali Martinez (@ali_charts on X) recently shared data revealing significant Dogecoin activity by large holders ("whales").

Whales Sell 1.32 Billion DOGE

Over the past two days, whales offloaded approximately 1,320,000,000 DOGE. On-chain data from Santiment, shared by Martinez, showed this substantial decrease in whale holdings. The chart indicated that these whales each held at least 1,000,000,000 DOGE. This sell-off coincided with a 22% DOGE price drop from $0.168 to $0.131 on April 7th and 8th.

This drop was part of a larger decline that began March 25th, resulting in a 28.6% decrease from a high of $0.206 to the current price of $0.147.

50.8% of DOGE Supply Currently in Profit

Glassnode data shows that 50.8% of the DOGE supply year-to-date is currently profitable. This means investors are holding DOGE worth more than their initial purchase price. While other top cryptocurrencies like Bitcoin (76.8%), Ethereum (44.9%), Toncoin (76.7%), and Solana (31.6%) also showed profitability, XRP (81.6%) and TRX (84.6%) surpassed DOGE.

300 Million DOGE Deposited to Binance

Blockchain tracker Whale Alert reported a massive 300,000,000 DOGE transfer from an anonymous wallet to Binance, suggesting potential further selling pressure. This supports Santiment's findings of whales liquidating their holdings amidst the price decline, possibly influenced by Bitcoin's reaction to new U.S. trade tariffs. Read original article on U.Today