1 Billion DOGE Selloff! Dogecoin Whale Dump Triggers 7.2% DOGE Price Drop!

The famous memecoin DOGE has recently experienced a massive selloff by the whales. This has sparked a renewed bearish pressure on the coin. The market uncertainty is also high over the coin’s future. Over the past week, more than 1 billion DOGE tokens were sold. Out of these, 50% of the tokens were unloaded by Dogecoin whales alone. Crypto analyst Ali Martinez noted that this selloff also coincided with a 7.2% price drop. Dogecoin is now trading at $0.1578, down from $0.1680. 

Whale Activity Sends Shockwaves Through DOGE Market

On-chain data from Santiment reveals that Dogecoin whales holding between 10 million and 100 million DOGE have offloaded more than 570 million tokens in recent days. Adding to the turmoil, Whale Alert tracked a colossal anonymous transfer of 478 million DOGE, worth nearly $73 million, between wallets just two days prior. Combined, these movements account for over 1.04 billion DOGE shifting in just one week, raising intense speculation about the motives behind these transfers.

While some market watchers suggest these moves could be linked to internal exchange wallet reshuffling or over-the-counter (OTC) deals, the exact reasons remain murky. Ali Martinez highlighted the scale of the sell-off, tweeting, “Whales have unloaded over 570 million #Dogecoin $DOGE in the past week!” The sudden surge in whale activity underscores the unpredictable nature of meme coins, which remain highly sensitive to large holder actions.

Retail Investors Look Away as Elon Musk’s Influence Fades

Despite the recent volatility, Dogecoin retains a strong foothold in crypto culture. However, the coin’s retail enthusiasm appears to be cooling, partly due to Elon Musk’s reduced public endorsements. Elon Musk, once a key driver of DOGE hype, has noticeably dialed back his mentions, potentially dampening retail investor excitement.

Meanwhile, Binance CEO Richard Teng pointed out Dogecoin’s practical value in lowering remittance costs, especially benefiting users in developing countries. He emphasized, “Cryptocurrencies, like Dogecoin, have reduced transaction fees, helping people send money home affordably.”

As Dogecoin faces intensified selling pressure and shifting whale dynamics, the market watches closely. The coming days will be critical in determining whether DOGE can stabilize or if further declines lie ahead, highlighting the fragile balance in meme coin markets driven by large-scale whale moves.

DOGE Price Analysis: DOGE Gains Confidently

DOGE started trading at $0.1553, continuing on a general downtrend from the previous day. The DOGE price finally found support at $0.1535 at 3:00 UTC. At the same time, as the RSI neared oversold regions, a golden cross formed on the MACD, and DOGE went on a confident uptrend that lasted till 15:30 in the afternoon. The memecoin faced several corrections on the way but continued to ascend. At 15:30, the DOGE price stood at $0.15545. 

Chart 1: published on TradingView, April 19, 2025

At 15:50, another golden cross emerged on the MACD indicator, and DOGE started to scale again, reaching $0.1585 at first, and then going on to test the $0.1588 resistance level. The initial test was a failure, and DOGE price faced a corrective phase as the coin hit overbought levels. Early on April 19, DOGE started another uptrend, taking it beyond the current resistance, establishing a new one at $0.1607. Since then, DOGE has been on a downtrend, finally stabilizing around $0.1578. 

DOGE Price Prediction: Can Doge Continue the Uptrend?

DOGE has taken a slow road upward, but it seems to be working for now. Compared to other memecoins, it has been able to resist the downturns effectively. Even now, the downtrend looks like a tiny downturn in the overall uptrend. Given that, the DOGE price should be testing the resistance later today. If the resistance breaks, DOGE will look to maintain its positive movements.