Dogecoin Whales Sell 150M Coins Amid ETF Disappointment
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Whale Selling Spree: Over the past five days, Dogecoin whales have sold 150 million DOGE, contributing to a 20% price drop over the last month, indicating a significant decline in market confidence.
- ETF Underperformance: Despite the recent launch of two ETFs tracking Dogecoin, the total net inflows of just over $2 million in the past month starkly contrast with the $1.1 billion attracted by XRP funds in the same period, reflecting a lack of market interest in Dogecoin.
- Persistent Price Decline: Currently priced at $0.12, Dogecoin has seen a dramatic fall from its 2021 highs, with a 7% drop in the past week, highlighting its increasingly marginal position in the cryptocurrency market.
- Shifting Market Sentiment: The lack of celebrity endorsements has led to a significant decline in Dogecoin's popularity, underscoring its vulnerability as a speculative asset and leaving its future recovery uncertain.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
