Dogecoin whales have dumped 1 billion DOGE over the week, erasing $5 billion worth of its market cap. The meme currency came under heavy selling pressure in November, sending its price to $0.15. The development pushes the meme coin’s dream of hitting $1 under the bus.

Analyst Ali Martinez shared the latest data from Santiment showing that Dogecoin whales have offloaded 1 billion DOGE this month. In addition, Wednesday’s cryptocurrency market crash is making things worse for the leading meme currency.

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Dogecoin Under Immense Selling Pressure

The immense selling pressure from whales has pushed Dogecoin to its five-year low in November 2025. The top meme currency is on the back foot this year, delivering no gains to investors. DOGE hit a high of $0.41 in January on the heels of Donald Trump taking the oath. Trump and Elon Musk got along well, sending a bullish signal to traders.

However, things went downhill between the two most influential and powerful individuals. The rift inadvertently affected Dogecoin’s momentum, making it plummet in the charts. DOGE is among the worst-performing cryptocurrencies in 2025 as its price has plunged nearly 48% year-to-date. A quick recovery is not in sight, and the $1 dream is getting harder to achieve.

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What Next For the Meme Coin?

It is most likely that Dogecoin could stagnate in price and test the patience of investors. Almost all the top meme currencies, which once generated phenomenal returns, are on the back foot in 2025. DOGE is the leader of them all, and its downward trajectory has dampened the meme coin market.

While 2020 to 2022 was the year of meme coins, 2023 onwards is the year of Bitcoin, Ethereum, and other leading altcoins. However, the pendulum would someday swing towards Dogecoin, but the timeframe now remains distant, as institutional clients are eyeing BTC and ETH.