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.
Whales now own approximately 10.52 billion Dogecoin tokens, constituting roughly 7% of Dogecoin's circulating supply.
Elon Musk clarified that the Department of Government Efficiency (D.O.G.E.) has no plans to adopt Dogecoin, dampening hopes for a boost in its price.
The potential approval of a spot DOGE ETF in America remains as a catalyst that could push the Dogecoin price up in the near future.