Dogecoin Whales Dump 570M Tokens, Price Faces Strong Downtrend

Dogecoin (DOGE) still experiences downward pressure as whales dump huge volumes of the meme token. Dogecoin has had a poor start to the year 2025, as both the weekly and daily charts reflect weakness. 

Whales Offload 570M DOGE in Week

As per crypto analyst Ali Martinez, Dogecoin whales have sold around 570 million DOGE tokens in just the last week. This wholesale sell-off has resulted in oversupply in the market, causing selling pressure to increase. The decline in whale activity indicates weakening confidence from big investors, which is a bearish sign for current holders.

Technical Indicators Turn Bearish

Currently, Dogecoin is priced at $0.1604, down 1% for the day. Further, trading volume has dropped 25%, as traders' sentiment turns increasingly bearish.

DOGE is technically below its 50-day ($0.182) and 200-day ($0.224) Exponential Moving Averages (EMAs). Also, a bearish crossover between the EMAs has been created, which may mean further price downfall.

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Recent Development: Libdogecoin v0.1.4 Update

In spite of market tribulations, the Dogecoin community has been given a technical boost with the release of Libdogecoin v0.1.4. The new release improves security, performance, and blockchain development tools to better make the network more robust and developer-friendly.

Can DOGE Bounce Back?

There is a glimmer of hope for bulls. On the weekly timeframe, the 200-day EMA ($0.142) acts as a strong support level. If DOGE manages to rebound from here and reclaim the 50-day EMA, a bullish rally could follow. However, if this support breaks, further downside is likely.

Conclusion

Dogecoin is at present experiencing heavy selling pressure, spurred by whale departures, declining volume, and bearish technical configurations. Although the community is hopeful, caution is necessary. Investors must closely watch important support levels before deciding.