Dogecoin Whales Dump 219M Coins As Elon Musk Lowers D.O.G.E. Expectations

The Dogecoin whales have made headlines with a massive selloff recently, which has sparked market concerns. Notably, two whales have collectively sold over 219 million DOGE to a leading crypto exchange, with experts keeping close track of the development’s impact on price. Besides, the dump also comes a day after Elon Musk backtracked from his expectations of cutting US Federal spending with the Department of Government Efficiency (D.O.G.E.).

Dogecoin Whales Dump 219 million DOGE

The recent dump by the Dogecoin whales has caught the eyes of investors, with many speculating the move to significantly impact the DOGE price ahead. According to Whale Alert data, the large investors have dumped 219 million DOGE, worth around $74 million. This has fueled discussions in the broader meme coin community.

Detailed Look Into The Whales Move

According to Whale Alert, an investor, identified by the wallet address “D7fXy…4QLW3” has moved 106.43 million DOGE, valued at around $35.88 million, to the Coinbase exchange. Following that, another trader conducted a similar move. In a separate transaction, the whale with wallet address “D8hi4..RsF1j” moved 112.62 million coins, worth around $37.99 million, to the same leading crypto exchange.

Notably, these selloffs came as the Dogecoin price recorded a slight recovery today after volatile trading this week. Notably, most of the top meme coins, alongside other assets, have recorded massive volatility this week. However, these recent dump indicates a waning risk-bet appetite of the investors towards these assets. Simultaneously, it also comes as Elon Musk has lowered his expectations with the Department of Government Efficiency (D.O.G.E.).

Elon Musk Lowers D.O.G.E. Expectations

Elon Musk has downgraded his initial estimate of cutting $2 trillion from the federal budget as co-head of the Department of Government Efficiency (DOGE). In a recent interview with Mark Penn, Musk stated that the $2 trillion figure was a “best-case outcome” and that he now thinks cutting half that amount is a more realistic goal.

In other words, Musk’s revised estimate is a significant departure from his earlier claim of slashing “at least $2 trillion” in government spending during a Trump rally in October. This reversal has sparked concerns in the crypto community, particularly among Dogecoin investors, given Musk’s previous support for the meme coin. Besides, the department’s acronym also resembles the Dogecoin ticker, which has further added to the discussions recently.

So, it appears that these statements of Musk could have impacted the market sentiment and acted as a catalyst for the recent dump. However, there are several other factors that may have caused the recent Dogecoin whale dumps.

How’s Dogecoin Price Performing?

DOGE price today declined almost 2% and exchanged hands at around $0.33, while its trading volume fell almost 15% to $3.62 billion. This price decline has occurred partly due to the bearish sentiment in the broader crypto following the release of a strong US job data and reduced expectations of a Fed rate cut this year.

Notably, the crypto has touched a 24-hour high and low of $0.3385 and $0.3151, respectively. However, despite the surge, CoinGlass data showed that the top dog-themed meme coin’s Futures Open Interest fell 1.5%, reflecting a bearish sentiment in the market.

Meanwhile, a recent DOGE price analysis indicates that the crypto could soon target the $0.35 mark. Besides, the leading crypto asset management firm, Grayscale has recently considered DOGE, HBAR, and others, as the crypto assets under consideration for future investment products. This has further bolstered market sentiment, offsetting the recent Dogecoin whale dump concerns.