420 Million Dogecoin Distributed by Whales as Price Declines

The Dogecoin (DOGE) price has been declining over the past few months, falling out of the top 10 cryptocurrency club.

Analyst Ali Martinez reported that a significant amount of DOGE, approximately 420 million coins, was distributed by large investors over the last seven days. This is equivalent to around $35 million at current rates.

The total value of DOGE held by whales now exceeds nearly $35 billion and accounts for approximately 22.7% of the token's circulating supply.

Somewhat surprisingly, some market observers interpreted this development as a sign that these investors are preparing for further price decline.