Dogecoin Whales Offload Billions of Tokens: Further Price Crash Incoming?

TL;DR: Large Dogecoin investors recently sold nearly $200 million worth of DOGE, potentially triggering further price drops and panic selling among smaller investors.

Whale Sell-Off Impacts Dogecoin

Dogecoin's price plummeted to $0.13 on April 7th, its lowest point since October 2024, mirroring a broader cryptocurrency downturn. While a slight recovery to around $0.14 (per CoinGecko) has occurred, this still represents a 16% weekly decline.

Image of DOGE Price Chart (Source: CoinGecko) (This would be where the image would go)

Over the past 48 hours, significant selling pressure emerged as large investors offloaded 1.32 billion DOGE, valued at over $190 million. Whales (holding at least one million DOGE) now control approximately 70.5 billion DOGE, or roughly 47% of the circulating supply. This increased supply could further depress prices, especially if demand weakens. Moreover, this sell-off may trigger panic selling among smaller investors, exacerbating the downward pressure.

New Dogecoin ETP Fails to Boost Price

The launch of a Dogecoin exchange-traded product (ETP) by 21Shares on the SIX Swiss Exchange (ticker: DOGE) had little impact on the price. While marketed as a transparent and accessible way to invest in DOGE, the news did not reverse the current bearish trend. The potential launch of a spot Dogecoin ETF by firms like Bitwise and Grayscale may have a more significant effect. Polymarket estimates a 64% chance of ETF approval by the end of 2025.