Whales Accumulate 680 Million DOGE as Price Rebounds to $0.22
Dogecoin (DOGE) rebounded from lows of $0.21, closing at $0.22 following increased trading volume and whale accumulation, amid ongoing security risks related to Qubic's potential 51% attack.
News Background
- Pressure on DOGE this month due to concerns about Qubic's potential attack led to retail selling.
- Whales accumulated over 680 million DOGE in August, countering retail outflows.
- Market sentiment remains mixed, with Bitcoin and Ethereum consolidating near highs, causing volatility in memecoins.
Price Action Summary
- DOGE rose 5% in 24 hours ending Aug. 21, recovering from an intraday low of $0.21 to close at $0.22.
- The token hit a session low around 13:00 UTC on Aug. 20 before a V-shaped recovery.
- Trading volume surged to 9.29 million in the final hour, indicating institutional interest.
- Whale accumulation of 680 million DOGE occurred throughout August despite security concerns.
Technical Analysis
- Key support held at $0.21, tested mid-session before a high-volume reversal.
- Resistance appeared at $0.22, establishing a $0.01 trading range for the session.
- A breakout occurred at 04:31 UTC, marked by the volume spike of 9.29 million.
- Turnover averaged 6.8 million per minute in the final hour, indicating larger buyer activity.
What Traders Are Watching
- Potential for $0.22 to switch from resistance to support, paving the way toward $0.23–$0.24.
- Ongoing whale positioning trends amidst Qubic security concerns.
- Strength of follow-through buying after the late-session volume spike to confirm the recovery's sustainability.