The Amount of Dogecoin Acquired by Large Investors in March: Could a DOGE Surge be on the Horizon?

Despite a 25% decrease in Dogecoin's monthly price, big investors purchased over $37M worth of DOGE, hinting at possible future profit. This occurred even as expectations of a boost from Elon Musk, who leads the Department of Government Efficiency (D.O.G.E.), were quashed when he stated that the department has no intention of adopting the digital currency.

Dogecoin experienced significant volatility in March, with prices varying between $0.14 and nearly $0.25, and currently trades at around $0.17. Large investors, or 'whales', were undeterred by these fluctuations and increased their holdings. They now own roughly 7% of Dogecoin’s circulating supply, which can be seen as a sign of confidence in the asset's future performance.

Bulls are now looking for other catalysts to drive the price up, such as the potential approval of a spot DOGE ETF in America.