{"id":56225,"date":"2025-04-02T09:54:05","date_gmt":"2025-04-02T09:54:05","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=56225"},"modified":"2025-04-02T09:54:05","modified_gmt":"2025-04-02T09:54:05","slug":"heres-how-much-dogecoin-whales-purchased-in-march-is-doge-poised-for-a-rally","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=56225","title":{"rendered":"Here\u2019s How Much Dogecoin Whales Purchased in March: Is DOGE Poised for a Rally?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Despite a 25% monthly price drop, large investors bought over $37M worth of DOGE, which suggests that they could be building their positions for potential upcoming gains.<\/span>
\nHowever, hopes for a boost from Elon Musk faded after he clarified that the Department of Government Efficiency (D.O.G.E.) has no plans to adopt the meme coin.<\/p>\n

<\/a><\/span><\/h2>\n

Massive Whale Buys Last Month<\/h2>\n

The <\/span>biggest<\/span> meme coin in <\/span>terms of<\/span> total market capitalization witnessed enhanced volatility throughout March, with its price ranging from $0.14 to almost $0.25. <\/span>Currently,<\/span> it trades at around $0.17, representing a 25% decline on a 30-day scale.<\/span>
\n<\/span><\/p>\n

<\/a>DOGE Price, Source: CoinGecko<\/p>\n

Whales seem unfazed by this turbulence, and they increased their holdings during that timeframe. The X user Ali Martinez <\/span>revealed<\/span><\/a> that these investors ended the month with net purchases of over 220 million DOGE, which equals more than $37 million (calculated at current rates).\u00a0<\/span><\/p>\n

He pointed out that whales now own approximately 10.52 billion tokens, constituting roughly 7% of Dogecoin\u2019s circulating supply.\u00a0<\/span><\/p>\n

When such large investors buy substantial amounts of DOGE, they effectively decrease the available <\/span>number of<\/span> tokens on the open market. If demand remains constant or increases, this reduction can lead to upward pressure on the price. \u200b<\/span><\/p>\n

Such actions can also <\/span>be interpreted<\/span> as a signal of confidence in the asset\u2019s future performance, which could<\/span>\u00a0encourage additional buying from retail investors, further <\/span>driving up<\/span> the valuation.\u00a0<\/span><\/p>\n

Musk\u2019s Recent Comments<\/span><\/h2>\n

Elon Musk\u2019s\u00a0<\/span>entry into the US political scene several months ago triggered huge enthusiasm among DOGE proponents. Tesla\u2019s CEO was\u00a0appointed<\/a> to lead the newly established\u00a0<\/span>Department of Government Efficiency (D.O.G.E.).\u00a0<\/span><\/p>\n

The division has the same abbreviation as the popular meme coin, while the billionaire is <\/span>known as<\/span> a firm supporter of the latter.\u00a0<\/span><\/p>\n

And while the crypto community expected some <\/span>kind of<\/span> endorsement, Musk\u2019s recent comments poured cold water on such hopes.<\/span> He <\/span>said<\/span><\/a> the US government has no plans to use DOGE in any form.<\/span><\/p>\n

\u201cThey happen to be similar names, but really, we\u2019re <\/span>literally<\/span> just trying to make the government 15% more efficient,\u201d he added.<\/span><\/p>\n

That said, bulls will have to wait for other catalysts that could push the price up <\/span>in the near future<\/span>. One example is the potential approval of a spot DOGE ETF in America. Grayscale, Bitwise, and Osprey Funds are some of the firms that have submitted applications to launch this type of product. The chances of a green light before the end of the year are currently <\/span>projected<\/span><\/a> to be just below 70%.<\/span><\/p>\n

The post Here\u2019s How Much Dogecoin Whales Purchased in March: Is DOGE Poised for a Rally?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Despite a 25% monthly price drop, large investors bought over $37M worth of DOGE, which suggests that they could be building their positions for potential upcoming gains. However, hopes for a boost from Elon Musk faded after he clarified that the Department of Government Efficiency (D.O.G.E.) has no plans to adopt the meme coin. […]<\/p>\n","protected":false},"author":0,"featured_media":56226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56225"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56225"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/56226"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}