Whale Alert: 100M DOGE Shakes Market—Why Aren’t Buyers Biting?

A massive 100 million Dogecoin transfer just lit up the blockchain—enough to make any crypto trader’s Spidey-sense tingle. Yet the market response? Crickets.

Whale moves typically trigger frenzied speculation, but DOGE’s price action remains stubbornly flat. Are retail traders finally learning caution—or just distracted by the latest shiny meme coin?

Meanwhile, institutional investors nod sagely while quietly moving another billion into Bitcoin ETFs. Some things never change.

Dogecoin holders are not willing to sell

Source: Santiment

Since the 6th of April, the market capitalization has grown from $21 billion to $26.4 billion. Yet, the realized cap shrank from $21.5 billion to $21.3 billion.

The Realized Cap metric represents the value of all coins in circulation, valued at the last price they were moved at on-chain.

Hence, this discrepancy between Market Cap and Realized Cap showed some of the past month’s gains could be driven by speculative activity.

Recent buyers might be realizing profits, but a slight encouragement was that long-term holders were not selling. High LTH selling would see a deeper decrease in the realized cap.

Source: Santiment

Examining the supply distribution of DOGE, AMBCrypto observed that the 100-1 million DOGE holding wallets saw a surge in selling on the 8th of April. Since then, these cohorts of wallets have not displayed accumulation.

The 10 million-100 million holder groups saw steady distribution over the past month. The 1 million- 10 million and 100 million- 1 billion Dogecoin holders saw some buying activity after the 8th of April.

Meanwhile, the Daily Active Addresses were merely 3.4% of what they had been during the November peak.

The market sentiment was subdued, but unless increased activity and buying pressure become apparent, it was increasingly likely that DOGE was not ready for a major long-term rally.