DOGE Price Drops 10% as Whales Accumulate During Market Correction
Dogecoin (DOGE) has experienced a 10% price drop over the past month, with current trading around $0.21, down over 4% in the last day. Despite this decline, on-chain metrics indicate that large holders are accumulating DOGE:
- The 50-day average of Dogecoin transfers worth $100,000 or more reached a five-month high in August.
- Wallets holding between 1 million and 10 million DOGE increased by 33, totaling 4,288.
Analysts interpret this activity among whales as accumulation rather than distribution. A contributing factor may be Thumzup's acquisition of Dogehash Technologies, enhancing the legitimacy of DOGE.
Grayscale has also filed for a spot Dogecoin ETF, awaiting regulatory approval. The price correction followed a 15% drop from an August 24 high of $0.245.
Market Sentiment and Technical Signals
High-profile traders remain optimistic. James Wynn, who recently lost $22,627 on a leveraged DOGE position, maintains a bullish outlook, suggesting bearish sentiment is peaking.
DOGE's perpetual contract shows consolidation within a symmetrical triangle since early August, indicating potential for an upward breakout. Analysts project a possible rally to $0.285, representing a 35% increase from current levels.