Dogecoin Whale Dumps 312 Million DOGE as the Market Sinks—What Happens Next?

Jakarta, Pintu News – Dogecoin (DOGE) whales shook the crypto market on Wednesday, February 26, with a massive sell-off amid broader market instability.

Recent data shows that approximately 312 million DOGE tokens have been sent to crypto exchange Coinbase, signaling a large sell-off.

In response, traders and investors are increasingly pessimistic about DOGE’s price prospects, while market concerns are further reinforced by other on-chain metrics.

Dogecoin Whale Dumps 312 Million Tokens Amid Market Chaos—Should Investors Be Worried?

Based on data from Whale Alert at X, Dogecoin whales offloaded approximately 312 million tokens to Coinbase on February 26, 2025. These three large transactions were collectively worth around $64 million.

Read also: Did Elon Musk “Kill” Dogecoin? Can DOGE Bounce Back as Investors Flee?

To illustrate, crypto whales are large-scale investors who have a huge influence on the market and price of digital assets. Their massive sell-offs often signal a loss of confidence in the asset’s profit potential.

As a result, the bearish sentiment towards the future price movement of DOGE is getting stronger among market participants.

Key Metrics That Deepen Market Fears

At the same time, crypto analyst Ali Martinez revealed in a post on X that Dogecoin’s network activity has decreased by 95% since last year.

Data shows that the number of active DOGE addresses dropped dramatically from 2.66 million last November to just 130,282 currently.

When combined with the massive sell-off by Dogecoin whales, these on-chain metrics further reflect the declining market interest in the asset.

Dogecoin Price Update: How Is DOGE Holding Up?

As of February 26, 2025, the DOGE price has actually increased by 5%, trading at $0.2125. In the last 24 hours, the Dogecoin price moved in the range of $0.1968 to $0.2139. This increase contrasts with the bearish sentiment that dominates the market due to the above factors.

However, it is worth noting that in the weekly and monthly charts, DOGE still recorded declines of 16% and 31% respectively. It is this broader correction that seems to be the main trigger for the massive sell-off by Dogecoin whales.

Read also: Dogecoin Price Dips Today (2/27/25): Network Activity Plunges 95% – Is DOGE Facing a Red Alert?

On the other hand, this downward trend also reflects the overall condition of the crypto market. Bitcoin and altcoins are currently facing high volatility due to macroeconomic pressures and liquidity issues in the market.

As a result, traders and investors remain cautious about trading risky assets, further exacerbating price volatility.

Interestingly, one other on-chain metric has led to different speculations among investors.

Ali Martinez revealed that long-term holders of DOGE are still in a phase of “denial.” This data shows that despite market fluctuations and price volatility, long-term investors remain optimistic about Dogecoin’s future prospects.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Dogecoin Whales Offload 312M DOGE Amid Market Turmoil, What Lies Ahead? Accessed on February 27, 2025Dogecoin Whales Offload 312M DOGE Amid Market Turmoil, What Lies Ahead?