Dogecoin (DOGE) is facing significant selling pressure from large holders, known as whales, alongside disappointing performance from its recently launched exchange-traded funds (ETFs). According to data shared by analyst Ali Martinez, whales have sold approximately 150 million DOGE over the past five days, contributing to a price decline that has left the meme coin trading around $0.12, down 7% weekly and 20% monthly.
The selling spree coincides with lackluster demand for the new Dogecoin ETFs. Products from Grayscale (GDOG) and Bitwise (BWOW), which launched about a month ago, have attracted only minor net inflows totaling just over $2 million. This figure pales in comparison to the $1.1 billion inflows seen by XRP-focused ETFs in a similar timeframe. Data from SoSoValue indicates that no inflows have been recorded for the DOGE ETFs since December 10.
This development highlights a potential legitimacy gap for meme coins within institutional investment circles. The news suggests that, without high-profile promotion from figures like Elon Musk, retail-driven assets like Dogecoin may struggle to maintain momentum. However, the article notes that DOGE has historically recovered from such negative periods.
A separate, forward-looking analysis examines Dogecoin's potential path to a $1 valuation between 2026 and 2030. The report details DOGE's historical performance, including its all-time high of $0.7376 in May 2021, and its unique inflationary supply model that adds roughly 5 billion new coins annually. It cites predictions from various analysts, with 2030 price targets ranging from $0.90 to $1.10, contingent on factors like technological upgrades, regulatory clarity, and broader market adoption. Reaching $1 would require a market capitalization exceeding $132 billion, given the current circulating supply of over 132 billion coins.
