Dogecoin whales sell 270 million DOGE

Dogecoin (CRYPTO:DOGE) has faced significant selling pressure as large holders offloaded 270 million DOGE, valued at approximately $70 million, within the last 24 hours.

This mass sell-off has increased the circulating supply of DOGE and raised concerns about potential further price declines if demand does not keep pace.

Following recent market turbulence triggered by U.S. President Donald Trump's imposition of tariffs on imports from China, Canada, and Mexico, DOGE's price fell sharply to around $0.21 before recovering slightly to approximately $0.25.

The cryptocurrency sector as a whole has suffered a substantial correction, with DOGE experiencing a daily decrease of 16%.

Analyst Ali Martinez highlighted that the recent whale activity could signal bearish sentiment in the short term, particularly as the Market Value to Realised Value (MVRV) ratio crossed below its 30-day Simple Moving Average.

This crossover suggests a potential steep price correction ahead for DOGE.

Despite these challenges, some analysts remain optimistic about a possible recovery based on historical trends.

Trader Tardigrade noted that past pullbacks have often been followed by significant rallies, citing previous instances where DOGE experienced remarkable recoveries after similar downturns.

Market sentiment remains mixed, with some traders viewing current price levels as attractive entry points.

Crypto analyst KALEO described the present situation as offering a solid buying opportunity compared to future price expectations.

However, while there is hope for a rebound, continued selling pressure from whales could further push DOGE's price down in the near term.

At the time of reporting, the Dogecoin (DOGE) price was $0.2852.