Dogecoin price plunges 57% from $0.47 in three months as large holders sell
Dogecoin plunges 57%
Whale accumulating Dogecoin since 2021 moves $157M amid meme market downturn.
According to Cryptopolitan, a Dogecoin whale that had been accumulating DOGE in a single wallet for four years has started moving funds.
Since 2021, the wallet received daily, regular transfers, suggesting it belonged to a miner. However, starting from March 4, DOGE has been withdrawn in batches of 4–5 million coins to unknown addresses.
This activity coincides with DOGE recovering to $0.20 at the start of March. However, over the past three months, Dogecoin has dropped from $0.47, losing more than half its value amid large whale sell-offs. This latest movement is likely part of the ongoing trend.
DOGE Price Dynamics for 30 Days. Source: CoinMarketCap
Dogecoin’s market position and long-term outlook
Dogecoin remains the largest and most liquid memecoin, despite lacking serious utility or staking mechanisms. It still maintains over $1 billion in daily trading volume and remains one of the deepest markets among meme tokens.
In the long run, DOGE is still concentrated among large holders. The top 10 addresses control over 45% of the total supply, with the largest single address holding 19.45%. Most early whales and miners likely have substantial reserves, reducing the immediate pressure to sell.
DOGE trading is primarily tied to Coinbase, suggesting that most holders are U.S.-based. Additionally, over 50% of DOGE trading volume is paired with USDT, 16% with Binance’s FDUSD, and 13% with the South Korean won (KRW).
Dogecoin is known for sudden rallies, often driven by political narratives rather than broad market trends.
With the current daily trading volume, $157 million in DOGE could be absorbed within hours, meaning these whale movements are unlikely to significantly impact the price.
As we wrote, Dogecoin, once a star of the memecoin frenzy, is now witnessing a significant drop in whale transactions and overall market activity. Large-scale transfers have slowed dramatically, hinting at a potential shift in sentiment. As DOGE struggles to stay above key support levels, questions arise—has the hype finally worn off?
