Dogecoin (DOGE) and Shiba Inu (SHIB) prices have been stuck in a moribund streak since January. As these meme coin veterans tumble, a new rival in the PayFi economy is rising to take their place.

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Dogecoin Price Tumbles Below $0.2

Dogecoin pulled a gigantic move from lows of $0.08 to a new yearly high of $0.048 in Q4 last year. However, the meme coin broke below the $0.2 support zone in an unforgiving marketwide correction.

For weeks, the bearish wave has left Dogecoin hovering in the $0.12-$0.18 region. Some whale wallets are shedding their DOGE holdings at an alarming rate.

On-chain data highlighted by analyst Ali Martinez reveals that some large DOGE wallets offloaded over 570 million coins last week. It signals an intensified selling pressure in the Dogecoin community.

Some of these wallets started liquidating their DOGE holdings in mid-January, when the meme coin was trading above the $0.18 mark.

The massive outflows continued in the following weeks, even as Dogecoin fell below the $0.1 support and encountered strong resistance at the $0.15-$0.16 barrier.

At the beginning of March, one of the wallets sold nearly 250 million DOGE at an average price of $0.15, while another sold about 320 million DOGE at an average price of $0.16.

The third wallet sold approximately 150 million DOGE at an average price of $0.17, and the fourth sold about 100 million DOGE at an average price of $0.18.

The fifth wallet sold approximately 50 million DOGE at an average price of $0.19, and the sixth sold about 50 million DOGE at an average price of $0.2.

The seventh wallet sold approximately 40 million DOGE at an average price of $0.21, and the eighth sold about 40 million DOGE at an average price of $0.22.

The ninth wallet sold approximately 30 million DOGE at an average price of $0.23, and the tenth sold about 30 million DOGE at an average price of $0.24.

The eleventh wallet sold approximately 20 million DOGE at an average price of $0.25, and the twelfth sold about 20 million DOGE at an average price of $0.26.

The thirteenth wallet sold approximately 10 million DOGE at an average price of $0.27, and the fourteenth sold about 10 million DOGE at an average price of $0.28.

The fifteenth wallet sold approximately 5 million DOGE at an average price of $0.29, and the sixteenth sold about 5 million DOGE at an average price of $0.3.

The seventeenth wallet sold approximately 5 million DOGE at an average price of $0.31, and the eighteenth sold about 5 million DOGE at an average price of $0.32.

The nineteenth wallet sold approximately 5 million DOGE at an average price of $0.33, and the twentieth sold about 5 million DOGE at an average price of $0.34.

The twenty-first wallet sold approximately 5 million DOGE at an average price of $0.35, and the twenty-second sold about 5 million DOGE at an average price of $0.36.

The twenty-third wallet sold approximately 5 million DOGE at an average price of $0.37, and the twenty-fourth sold about 5 million DOGE at an average price of $0.38.

The twenty-fifth wallet sold