Dogecoin Plummets to $0.13 as Whales Dump $190M in DOGE: Can the DOGE ETF Spark a Recovery?

Dogecoin (DOGE) reached its lowest mark of $0.13 when the cryptocurrency market experienced sharp decreases on April 7, since October 2024. Since whales began their massive DOGE selling spree totaling more than $190 million over the past 48 hours, the market has started to show signs of concern regarding further depreciation. As whale activity intensifies, market participants are speculating on whether this signals an extended downtrend or a potential recovery.

Whales Offload DOGE Amid Market Downturn 

The broader crypto market decline has triggered substantial sell-offs among Dogecoin whales. Available reports show that whale investors sold about 1.32 billion DOGE tokens during the previous two-day period. According to recent statistics from analyst Ali Martinez, Dogecoin whales, those who own one million or more DOGE coins, have a total of almost 70.5 billion tokens. This represents around 47% of the whole supply of meme coins in circulation. 

Because of this concentrated ownership, whale behavior has a big influence on price patterns, and their recent selling binge has raised worries about more price declines. DOGE faces further losses when the ongoing selling pressure outpaces an increase in market demand. The ongoing sell-out activity shows signs that will cause panic among retail investors, creating additional liquidation and strengthening bearish market trends in the short term.

Launch of Dogecoin ETP Fails to Boost Market Sentiment 

Despite a bearish market trend, Dogecoin received attention from investors via its new exchange-traded product (ETP) launch. The leading crypto ETP developer, 21Shares, released Dogecoin ETP in the market while making it available on the SIX Swiss Exchange under the trading symbol DOGE on April 9.

The newly launched ETP provides both institutional and retail investors with a regulated product that lets them access Dogecoin through a physically backed structure. The market shows little interest in Dogecoin assets because its value remains stagnant at $0.14 per token. Professional commentators believe DOGE ETP represents a sign of corporate adoption, but believe it will not sufficiently override present whale profit maneuvers.

Chart 1 – Live DOGE/USDT chart, Published on TradingView, April 10, 2025

The approval of a Dogecoin spot ETF might be a game-changer. Bitwise and Grayscale, two of the biggest investment firms, have shown interest, and Polymarket predicts a 64% chance of approval by the end of 2025. A DOGE ETF may stimulate institutional demand and a much-needed price recovery if it is approved.

Future Outlook: Can DOGE Rebound? 

Dogecoin faces an unclear future because the price continues to suffer from massive sales conducted by whales. A lack of substantial demand increases the risk of DOGE staying unstable and possibly causing prices to decrease further. So, can DOGE rebound? The approval of a spot Dogecoin ETF in the future shows promise to attract institutional investors back into the market. 

The general market improvement in the crypto sector has the potential to restore DOGE value as part of the current digital assets. Market participants will track whale behavior and market movement patterns to determine Dogecoin’s upcoming trajectory. Future analysis will determine whether the bear market is short-term or if it will extend beyond expectations.

Can Dogecoin Overcome Selling Pressure and Regain Momentum?

As whales offload billions of tokens, the selling pressure on Dogecoin’s price increases. Although the introduction of a Dogecoin ETP is a step in the right direction, there hasn’t been a significant price rebound as of yet. Although there is still ambiguity in the near term, future events, such as the possible approval of a DOGE ETF, might alter the trajectory. The meme coin is navigating a volatile market environment, so investors should take caution.