Despite a 25% monthly price drop, large investors bought over $37 million worth of Dogecoin in March, indicating they’re strategically building positions for potential future 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. 2023 saw increased activity among Dogecoin whales, who amassed over 220 million DOGE worth more than $37 million at current rates. This move raised their total holdings to nearly 10.52 billion tokens, representing about 7% of the circulating supply. Such large-scale purchases can exert downward pressure on available supply, potentially pushing prices upwards if demand remains constant or increases.