DOGE Sees $200 Million Whale Transfer to Binance Amid Selling Pressure
News Background
A whale transferred 900 million DOGE (over $200 million) to Binance wallets from August 24–25, causing prices to drop from $0.25 to $0.23.
On-chain data indicates whales accumulated 680 million DOGE in August, highlighting distribution versus accumulation dynamics.
Futures open interest decreased by 8% following the transfer, reflecting diminished speculative leverage.
The meme-coin market remains influenced by macroeconomic signals, notably Powell’s comments from Jackson Hole which led to a temporary rally.
Price Action Summary
From August 27 at 03:00 to August 28 at 02:00, DOGE fluctuated in a narrow $0.01 (3%) range, stabilizing around $0.22.
Peak institutional activity occurred on August 27 at 20:00 GMT, with DOGE rising from $0.219 to $0.224 on a volume of 1.26 billion, nearly quadruple the hourly average.
On August 28, DOGE climbed from lows of $0.219 to intraday highs of $0.224 before profit-taking brought it back to $0.220–$0.221.
Technical Analysis
Support: Strong bid interest has formed around $0.219–$0.220.
Resistance: Levels between $0.224–$0.225 limit short-term price increases.
Momentum: RSI stable in the mid-50s suggests a state of equilibrium.
Volume: The spike to 1.26 billion tokens at $0.22 indicates accumulation, but declining overall volume points to consolidation.
Patterns: A tight trading range signals a compression phase, potentially leading to a breakout.
Risk Gauges: An 8% decrease in futures OI suggests lighter positioning, which may reduce volatility but also impact breakout potential.
What Traders Are Watching
The durability of $0.219 support amid whale selling.
A breakout above $0.225 as a potential signal toward $0.23–$0.24.
Sustained corporate accumulation around $0.22 indicating strategic positioning ahead of market catalysts.
Renewed leverage in futures markets that could enhance DOGE's next movement.
