TLDR
- Dogecoin (DOGE) price dropped to $0.13, its lowest since October 2024
- Whales sold 1.32 billion DOGE worth $190 million over 48 hours
- 21Shares launched a Dogecoin ETP on the SIX Swiss Exchange
- 21Shares, Bitwise, and Grayscale have filed for DOGE ETF approval with the SEC
- Polymarket shows a 64% chance of DOGE ETF approval by end of 2025
Dogecoin has fallen to $0.13, its lowest value since October 2024, as whale investors offloaded massive amounts of the popular meme cryptocurrency. Market data shows large holders sold approximately 1.32 billion DOGE tokens worth $190 million over a 48-hour period.
The sell-off occurred during a broader cryptocurrency market decline on April 7. This massive whale activity has sparked concerns about potential further price drops in the coming days.
DOGE Price
Whales—defined as investors holding one million or more DOGE—currently control about 70.5 billion tokens. This represents roughly 47% of the total circulating supply of the meme coin.
The concentrated ownership gives these large investors substantial influence over price movements. Their recent selling spree has created worry among smaller investors about continued downward pressure.
When ongoing selling outpaces market demand, DOGE faces additional losses. The current wave of selling shows signs that could trigger panic among retail investors, potentially leading to more liquidations.
ETF Race Heats Up
On April 9, 21Shares, a leading crypto ETP developer, launched a Dogecoin ETP on the SIX Swiss Exchange under the trading symbol DOGE.
The same day, 21Shares submitted a filing to the U.S. Securities and Exchange Commission (SEC) requesting approval to launch a Dogecoin exchange-traded fund.
21Shares joins Bitwise and Grayscale in the race to launch the first U.S. spot memecoin ETF. Both companies submitted similar filings in the first quarter of 2025.
The newly launched ETP provides both institutional and retail investors with a regulated product to access Dogecoin through a physically backed structure. However, the market has shown little immediate interest, as DOGE’s value remains around $0.14 per token.
Approval Odds and Miner Activity
Prediction markets suggest positive prospects for DOGE ETF approval. According to Polymarket, there’s a 64% chance of approval by the end of 2025, down slightly from the 75% odds reported by Bloomberg ETF analysts James Seyffart and Eric Balchunas in February.
Miners have shown bullish behavior since March, increasing their holdings from 831 million to 907 million DOGE tokens. This accumulation contrasts with their selling activity between December and February.
However, social volumes and active user metrics remain muted, suggesting limited retail interest in the meme coin during the first quarter sell-off.
The weak sentiment extends to the largest wallet holders (those with over 1 billion DOGE), who have continued to dump their tokens since December with no change in strategy.
DOGE’s price sensitivity to this wallet cohort suggests their continued selling could limit recovery prospects in the near term.
On the price charts, Dogecoin has erased all gains made during the U.S. election period and has returned to November levels of around $0.15, which served as support in March.
If this support level breaks, analysts suggest DOGE could drop further to $0.10 or even $0.06. For bullish momentum to return, DOGE would need to reclaim the 200 Daily Moving Average above $0.25.
The approval of a spot Dogecoin ETF could be a potential catalyst for recovery. Major investment firms have shown interest, and regulatory approval could stimulate institutional demand and provide price support.
Market participants will continue to monitor whale behavior and broader market movements to gauge Dogecoin’s future trajectory. The coming weeks will determine whether the current bearish trend is short-term or might extend longer than expected.
As whales continue their selling activity, pressure on Dogecoin’s price persists. While the introduction of ETPs marks progress toward mainstream adoption, immediate price rebounds have not materialized.
The short-term outlook remains uncertain, but future developments, particularly regarding ETF approvals, could change DOGE’s direction. For now, investors should approach the meme coin with caution given its volatile market environment.
