Dogecoin investors had a rough ride over the past couple of days, as massive sell-offs by major holders triggered a sharp drop in the coin’s price. Between April 7 and 8, whale wallets—each holding at least a billion DOGE—offloaded a whopping 1.32 billion tokens, according to on-chain data from Santiment.
This heavy dumping sent shockwaves through the market, causing Dogecoin’s price to plunge by around 22%, from $0.168 down to $0.131. While the price has recovered slightly to sit near $0.147, it’s still down 28.6% from its recent local high of $0.206 recorded on March 25.
What’s Causing the Sell-Off?
The recent drop isn’t just about whales cashing out—it’s part of a larger wave of uncertainty hitting crypto markets. Many analysts are pointing to rising global tensions and U.S. tariffs, which have made investors more cautious. This “risk-off” mindset has led to broader market pullbacks, including Bitcoin and altcoins like Dogecoin.
Is There Any Hope for DOGE?
Despite the turbulence, there’s still a silver lining. Data shows that over 50% of Dogecoin holders are still in profit, suggesting that many long-term investors haven’t lost faith. But with whale behavior like this and shaky global sentiment, DOGE’s short-term future remains unpredictable.
Bottom Line
Dogecoin’s latest drop shows just how much influence large holders still have on crypto prices. While the fundamentals haven’t changed overnight, market emotions and whale actions are currently steering the ship. Whether DOGE can bounce back or faces more pressure in the coming weeks is something the market will be watching closely.
