The popular memecoin Dogecoin (DOGE) has recently come under heavy selling pressure following a large-scale selloff by major holders. This activity has reintroduced a bearish sentiment around the coin, with overall market uncertainty growing. Over the past week, more than 1 billion DOGE tokens have changed hands, with whales accounting for 50% of this volume. Crypto analyst Ali Martinez highlighted that this wave of selling coincided with a 7.2% drop in DOGE’s price, which has fallen from $0.1680 to its current level of $0.1578.
Whale Movements Stir Market Speculation
On-chain data from Santiment indicates that wallets holding between 10 million and 100 million DOGE have collectively sold over 570 million tokens in recent days. To add to the intrigue, Whale Alert reported a massive anonymous transaction of 478 million DOGE (worth nearly $73 million) just two days ago. Together, these movements represent more than 1.04 billion DOGE transferred in one week, triggering speculation about potential motives behind these large transactions.
Some analysts believe these could be internal exchange transfers or over-the-counter (OTC) trades, though no clear explanation has emerged. Ali Martinez emphasized the scale of the event, tweeting, “Whales have unloaded over 570 million #Dogecoin $DOGE in the past week!” The surge in whale activity once again highlights the volatility of memecoins, which are particularly vulnerable to major holder actions.
Retail Interest Fades Amid Musk’s Silence
While Dogecoin remains a staple of crypto culture, retail investor interest appears to be cooling—partly due to Elon Musk’s diminished public endorsements. Once a vocal supporter of DOGE, Musk has recently scaled back his mentions, dampening enthusiasm from casual investors.
Meanwhile, Binance CEO Richard Teng underscored Dogecoin’s utility in reducing remittance costs, especially for users in developing countries. “Cryptocurrencies like Dogecoin reduce transaction fees, helping people send money home more affordably,” he noted.
With rising sell pressure and dynamic whale activity, the coming days could prove pivotal for Dogecoin’s near-term performance.
DOGE Price Analysis: Signs of a Recovery
Dogecoin began the day trading at $0.1553, continuing its downward trend from the previous day. It found a support level at $0.1535 around 3:00 UTC. As the Relative Strength Index (RSI) approached oversold territory, a golden cross appeared on the MACD indicator, sparking an upward movement that continued until 15:30 UTC, bringing the price to $0.15545 despite minor corrections along the way.
At 15:50, another golden cross appeared on the MACD, pushing the price further to $0.1585, with an attempt to break the $0.1588 resistance. The first attempt failed, triggering a brief correction as DOGE entered overbought territory. However, in early trading on April 19, the coin initiated another climb, surpassing resistance to establish a new level at $0.1607. DOGE has since pulled back and is now stabilizing around $0.1578.
DOGE Price Outlook: Slow Climb with Potential
Despite recent turbulence, DOGE continues to show resilience compared to other memecoins. The recent decline appears to be a minor setback within a broader upward trend. If momentum persists, DOGE could soon retest resistance levels. A breakout may pave the way for continued gains, though market watchers remain cautious given ongoing whale-driven volatility.