The Dogecoin market recently witnessed an unprecedented capital movement, with over 3 billion DOGE leaving the wallets of top holders within a month, worth approximately 520 million dollars. This significant selling pressure aligns with disappointing price action hovering around $0.17.
On-chain data reveals significant Dogecoin distribution by whales since the beginning of the month. More than 3 billion tokens have been sold by major holders in just 30 days, exerting considerable bearish pressure on the price of DOGE. This large-scale liquidation represents a transaction volume of $520 million, a figure that illustrates the magnitude of the exit movement by these institutional or wealthy investors.
The timing of this sell-off raises questions. While the global crypto market shows certain resilience and Bitcoin maintains relatively stable levels, Dogecoin struggles to regain its momentum. The price of the memecoin currently trades around $0.17, far from its historical highs above $0.70 reached during the 2021 bull run.
This massive distribution by large holders suggests several hypotheses. Some analysts see it as profit-taking after recent rallies, while others point to a strategic repositioning toward other crypto assets deemed more promising. The Dogecoin market structure remains vulnerable to these whale movements, given the significant concentration of tokens in few hands.
Despite recent teasers from Elon Musk regarding a possible lunar mission linked to Dogecoin, investor enthusiasm remains moderate. The founder of Tesla and SpaceX has historically played a major role in DOGE’s spectacular pumps, but his influence seems to be waning in the face of market realities.
Traders observe a growing divergence between the social sentiment generated by Musk’s statements and Dogecoin’s actual price action. The fact that whales continue to unload their positions despite these announcements reveals a lack of short-term conviction. This disconnect between marketing narrative and real capital flows constitutes a warning signal for retail investors.
The market now seems to demand more than provocative tweets to justify sustainable DOGE appreciation. The project’s fundamentals, notably the absence of concrete use cases and inflationary tokenomics, weigh on the valuation. Trading volumes remain sustained, but buying pressure fails to absorb the supply created by large wallet exits.
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Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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