Dogecoin Price Drops 5.46% as Whales Accumulate 130 Million DOGE
Dogecoin (DOGE) has seen a decline of 5.46% in the past 24 hours and over 14% in the past week, currently trading at $0.2283, nearly 69% below its all-time high.
Key Developments
- In July, DOGE broke through the $0.25–$0.26 resistance zone after Bit Origin Ltd raised $500 million for a Dogecoin treasury.
- After the announcement, DOGE surged 7% to $0.28 as Bit Origin acquired 40.5 million DOGE tokens at an average cost of $0.2466.
- Whale activity increased with over 130 million DOGE purchased in 24 hours, indicating strong demand despite price drops.
- The odds of a spot Dogecoin ETF approval in 2025 rose by 38%, as reported by Polymarket.
Price Analysis
DOGE is hovering above a critical support zone ($0.21–$0.23). A break below could lead to retests at $0.20 or $0.17. Immediate resistance is noted between $0.25–$0.26, with potential upward movement towards $0.33 and $0.40 if sustained momentum is achieved.
The MACD shows a bearish crossover, suggesting short-term downward momentum. The RSI is at 54.42, indicating potential for movement in either direction. Chaikin Money Flow remains positive at +0.08, signaling net inflows into DOGE.
The current market dynamics include whale accumulation, institutional interest, and speculation around an ETF, positioning DOGE at a critical point around $0.25.
