The recent crash in the cryptocurrency market affected Dogecoin, whose price dropped to $0.13, marking the lowest level observed since October 2024. Large investors have been selling significant amounts of tokens, which could trigger panic among smaller players.
Overview of Dogecoin's Situation
Dogecoin's price fell to $0.13 on April 7, the lowest value since October 2024. In the following days, the price saw a minor recovery and currently stands at about $0.14, reflecting a 16% decrease over the past week.
Actions of Large Investors
In the last 48 hours, large investors dumped 1.32 billion DOGE, amounting to over $190 million. According to analyst Ali Martinez, whales currently hold around 70.5 billion DOGE, which represents about 47% of the circulating supply.
New Financial Instruments and Their Impact
On April 9, 21Shares launched a Dogecoin ETP to be listed on the SIX Swiss Exchange. The new financial instrument is said to be 100% physically backed, but the news had little effect on DOGE’s price. The market is looking forward to the launch of a Dogecoin ETF, which might have a more positive impact.
Recent actions of large investors and the market's lack of response to new financial instruments create a risk of further price decline for Dogecoin. Close monitoring of market dynamics and sentiments among smaller investors is advised.
