Dogecoin Price Plunges 13% Amidst Whale Sell-Off

Recent on-chain data reveals a significant Dogecoin sell-off by major holders, potentially driving the recent price drop from its $0.307 high. Analyst Ali Martinez highlighted a sharp decline in the “Supply Distribution” of Dogecoin whales, a metric tracking the total DOGE held by large wallets (100 million to 1 billion DOGE).

Santiment’s data shows a dramatic decrease in whale holdings. Over four days, whales offloaded a staggering 680 million DOGE, valued at approximately $181 million. This sell-off coincided with DOGE’s price recovery to $0.307, followed by a subsequent 13% decline. The chart below illustrates this correlation:

The behavior of these influential investors is crucial to monitor, as their actions significantly impact the memecoin’s price. The trend suggests a shift in sentiment among large DOGE holders.

It’s not just DOGE; Martinez also noted substantial XRP selling pressure from whales, shedding 200 million tokens ($605.5 million). This widespread trend among major cryptocurrencies warrants careful observation.

At the time of writing, Dogecoin trades around $0.264, showing a slight 1.5% increase over the past 24 hours. However, the implications of the recent whale activity remain a key concern for DOGE investors.

Sources: Santiment.net, TradingView.com