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Dogecoin (DOGE) is currently navigating turbulent waters. In the past week alone, whales have offloaded a staggering 570 million DOGE, signaling a sharp wave of capitulation. This massive sell-off is mirrored on-chain by a declining Spent Output Profit Ratio (SOPR), suggesting that many coins are being moved at a loss.
Despite this bearish pressure, DOGE has surprisingly maintained relative price stability, down just 1.50% over the past week and consolidating near $0.15. According to AMBCrypto, this muted drop indicates some underlying buy-side strength—likely driven by retail investors or mid-tier holders absorbing sell-side liquidity.
However, questions linger: is this resilience a true bottom, or just a temporary pause before another decline?
DOGE has now erased all its post-U.S. election gains and sits nearly 70% below its November 2024 high of $0.49. Short-Term Holders (STHs), especially those in the 1-3 month cohort, have been the hardest hit. Once holding over 17% of the circulating supply in January, this group now controls just 6.5%—a steep decline underscoring fading conviction.
Yet amid the chaos, Dogecoin’s long-term holders (LTHs) are showing signs of strength. During the rally to $0.41, the Hodler Net Position Change turned positive, marking significant accumulation from the 1-2 year cohort. This group now holds 32% of the supply, up from 28% earlier this year.
Further, recent net outflows of 16.48 million DOGE from exchanges signal continued retail accumulation, potentially soaking up the excess supply being dumped by whales and short-term traders.
Whales have unloaded over 570 million #Dogecoin $DOGE in the past week! pic.twitter.com/rBhd4beokH
— Ali (@ali_charts) April 18, 2025
Dogecoin finds itself in a market tug-of-war between capitulating whales and determined long-term believers. While $0.15 has proven resilient, its structural integrity remains fragile. Any breakout from the current range hinges on whether LTHs and retail buyers can fully absorb remaining sell-side pressure.
Until then, DOGE’s sideways movement may reflect nothing more than a fleeting moment of balance in an otherwise uncertain market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin Price Prediction: Will DOGE Hit $1 Soon?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
