On-chain data shows that Dogecoin whales are offloading their coins, providing a bearish outlook for the foremost meme coin. This comes amid the significant decline in the DOGE price, with the meme coin at risk of dropping below the psychological $0.2 level.

Dogecoin Whales Are Dumping Their Coins

Santiment data shows that Dogecoin whales, who hold between 10 million and 100 million DOGE, are currently dumping their coins. The number of coins that these whales hold has declined since July 19. At the time, these investors accounted for 16.85% of the meme coin’s total supply .

Since then, this percentage has dropped with Dogecoin whales selling some of their coins, although they still account for around 16% of DOGE’s total supply. Notably, this development coincides with th

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