Dogecoin (DOGE) faced a sharp market downturn as massive selloffs by large holders, or “whales,” triggered a 22% price decline in just 48 hours. The crash has left investors reeling, with broader market uncertainties compounding the impact.

Whales Dump 1.32 Billion DOGE

From April 7 to April 8, whales offloaded a staggering 1.32 billion DOGE, causing prices to plummet from $0.168 to $0.131. On-chain data from Santiment revealed that these whales each held at least 1 billion DOGE in their wallets.

This event marked a continuation of bearish trends that began on March 25, when Dogecoin reached a local high of $0.206. Since then, the cryptocurrency has lost 28.6% of its value, settling around $0.147 at the time of reporting.

Market Uncertainty Fuels Declines

The whale selloff coincided with broader market challenges, including a decline in Bitcoin’s price and negative economic headlines. New U.S. tariffs on international trade have driven a risk-off sentiment across financial markets, dampening investor appetite for volatile assets like cryptocurrencies.

Dogecoin, like other altcoins, faced intensified selling pressure, exacerbating its downward trajectory. Analysts believe these conditions, coupled with whale activity, are pivotal in Dogecoin’s ongoing struggles.

Investor Sentiment and Long-Term Prospects

Despite recent setbacks, 50.8% of Dogecoin’s supply remains in profit, reflecting long-term investor optimism. However, the sheer scale of whale selloffs has introduced uncertainty about Dogecoin’s short-term trajectory.

Market participants are closely monitoring whether DOGE can stabilise or if further downside risks lie ahead. Continued volatility could undermine confidence, especially if whales maintain their selling spree.

What’s Next for Dogecoin?

Dogecoin’s recovery hinges on broader market stabilisation and reduced whale activity. The current price oscillations highlight the fragility of investor sentiment, leaving the community bracing for either a rebound or deeper declines.

As Dogecoin navigates this turbulent period, the coming weeks will determine whether it can regain momentum or face further challenges in its fight for stability.