Dogecoin, Elon Musk’s pet memecoin, is experiencing massive offloading. The top 50 investors have let go of 761 million tokens, valued at around $110 million, in the last seven days alone, according to the on-chain analytics platform Lookonchain. However, despite the mass sell-off, Dogecoin’s price has remained surprisingly steady. The price was, in fact, up 107%, week-on-week.
As many as 21 million DOGE tokens were liquidated in the last 30-day period.
The data suggests that the top 50 DOGE holdings comprise almost 63.70% of the circulating supply. This translates to 66.50% of Dogecoin’s market capitalization.
The Lookonchain Twitter thread also threw up some other interesting insights. The analysis shows that some leading crypto exchanges have been profiting from the turn of events, over the past seven days.
DOGE price action and the offloading
While the Lookonchain data shows a 30-day offloading trend, a large chunk of it happened last week. The reason was that investors (HODLers) cashed out their profits from Dogecoin’s recent price rally. The dog-themed memecoin’s price rose after its patron Elon Musk acquired Twitter last week.
The prices dipped a little after a while, but the now famous Elon Musk DOGE tweet (see below) from yesterday calmed a few nerves.
— Elon Musk (@elonmusk) November 1, 2022
Was it all offloading?
Although DOGE offloading took centerstage, a handful of the top 50 investors even used the opportunity to buy in. Between 31 October 2022 and 1 November 2022, they bought 484 million tokens, priced at $70 million.
There were other kinds of token movements too for DOGE. A whale wallet sent $2.37 million worth of DOGE tokens to another, via two transactions, according to Whale Alert. Lookonchain added that the holding cost for the wallet was $0.001, and the accumulation started in 2013.
An address that has been dormant for 8.6 years transferred 2.37M $DOGE ($337,594) out just now.
His holding cost is less than $0.001.https://t.co/aWtsDSlHYk pic.twitter.com/63xbovaUc7
— Lookonchain (@lookonchain) November 2, 2022
Dogecoin (DOGE) is trading at $0.1382, down by 3.83% day-on-day, at the time of publishing.
