Dogecoin whales shed 590 million DOGE holdings with meteoric rise of PEPE

Dogecoin network’s large wallet investors shed their DOGE token holdings as other meme coins take away the spotlight from the Shiba-Inu-themed cryptocurrency. PEPE coin, a meme coin derived from the “Pepe the frog” meme, has yielded three-digit gains for holders since April 26. 

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Dogecoin large wallet investors shed DOGE token holdings

Dogecoin, a Shiba-Inu-themed meme coin that ranks first by market capitalization in the category, has witnessed a dramatic decline in token holdings by large wallet investors. Whale wallet holdings are a key on-chain metric that signals the sentiment of large wallet investors on the token. 

Typically, a spike in whale wallet holdings is bullish for the asset. A decline in holdings of large wallet investors on the other hand is indicative of a loss of interest of whales in the token. 

Based on data from crypto intelligence tracker Santiment, DOGE whales holding between 1,000,000 and 100,000,000 tokens have shed over 590 million DOGE. This is equivalent to $43.23 million at the current price. 

Dogecoin whales dump their DOGE token holdings

The timing of the whale dump coincides with the meteoric price rise of PEPE. PEPE, the coin inspired by the “Pepe the Frog” meme, yielded over 300% gains for holders since April 25. 

The 24-hour trade volume of PEPE has exceeded that of Shiba Inu and Dogecoin as of May 2. This signals the shift in spotlight from DOGE and SHIB to PEPE. 

According to data from CoinGecko, PEPE trade volume surpassed $434 million against DOGE’s $312 million. PEPE’s explosive price rally is therefore indicative of the shifting sentiment of DOGE traders towards the meme coin.