Dogecoin Whales Offload Billions of Tokens: Further Price Crash Incoming?

**Dogecoin Whales Offload 1.3 Billion Tokens as Price Slides—More Trouble Ahead?**

The recent cryptocurrency market crash didn’t spare Dogecoin, which tumbled to a low of $0.13 on April 7—its weakest level since October 2024. While the meme coin has since recovered slightly, trading around $0.14 according to CoinGecko, it’s still nursing a sharp 16% loss over the past week.

### Whale Sell-Off Adds Pressure

In the wake of the price drop, major Dogecoin holders moved to offload significant amounts of their holdings. Over the last 48 hours alone, large investors sold approximately 1.32 billion DOGE—valued at over $190 million at current rates.

Crypto analyst Ali Martinez noted that whales—wallets holding at least one million DOGE—currently control about 70.5 billion tokens, or roughly 47% of the total circulating supply.

This wave of whale dumping increases the supply on the market, potentially setting the stage for further price declines if demand remains stagnant or continues to weaken. Moreover, such moves often trigger fear among retail investors, leading to a chain reaction of panic selling and accelerating downward momentum.

### ETP Launch Fails to Spark Recovery

In a bid to bring more institutional legitimacy to Dogecoin, 21Shares—the largest issuer of crypto exchange-traded products—launched a Dogecoin ETP on April 9. The new financial product, trading under the ticker *DOGE* on the SIX Swiss Exchange, was introduced in collaboration with the House of Doge.

According to 21Shares, the Dogecoin ETP is fully physically backed, offering a transparent and regulated avenue for traditional investors to gain exposure to the meme coin.

Despite the milestone, Dogecoin’s price showed little reaction, continuing to trade in negative territory. Market watchers suggest that a spot Dogecoin exchange-traded fund (ETF) might have a stronger market impact than the current ETP format.

Both Bitwise and Grayscale are reportedly exploring the launch of spot DOGE ETFs. According to prediction market Polymarket, there's a 64% chance that such a product could be approved by the end of 2025.