Whales Drive DOGE to $0.23 as Supply Zone Stalls Breakout

Major investors and large holders, commonly referred to as “whales,” have played a pivotal role in driving Dogecoin’s (DOGE) price movement over the past 24 hours, pushing the token to $0.23 in early August 2025 [1]. The surge was fueled by significant accumulation, with over $200 million in DOGE purchases recorded within a single day [1]. This activity was largely attributed to institutional buyers and high-volume traders, who have reportedly controlled a substantial portion of the circulating supply through their buying spree [1].

The price action revealed a key support level at $0.22, where intense buying was observed, preventing further downward movement [1]. Conversely, at $0.23, strong resistance emerged, marked by increased selling pressure that led to a sharp 1% pullback to $0.227 within a single hour [1]. This correction was accompanied by trading volumes exceeding 11.4 million DOGE, followed by a spike of 24.1 million, signaling the active participation of large investors in closing their positions [1].

Technical indicators highlight the significance of these price levels, with $0.22 serving as both a psychological and volume-based support and $0.23 acting as a short-term ceiling [1]. The heightened activity at these levels suggests that institutional actors are closely monitoring price behavior, with analysts noting that repeated retests of the $0.22 level could determine the token’s next directional move [1]. A successful breakout above $0.23 may encourage a new upward trend, but the current data indicates a phase of consolidation [1].

The late-day trading dynamics underscored a mix of accumulation and distribution activities. While whale-driven buying continued to support short-term price gains, the absence of broader market participation raises questions about the sustainability of the rally [1]. Historical patterns from 2021 and 2023 suggest that such whale-led movements often result in temporary price boosts without leading to long-term bullish momentum [1]. On-chain data further supports this view, showing increased speculative trading but insufficient consistent buying to break through the $0.23 resistance [1].

Analysts emphasize that the behavior of large holders remains a critical factor in shaping DOGE’s trajectory [1]. If accumulation continues, it could signal ongoing confidence in the token’s potential. However, an uptick in distribution activity could indicate a shift in sentiment and the likelihood of a price correction [1]. The stability of the $0.22 support level will be closely watched, as its ability to hold during retests could influence the broader market environment during a period of heightened volatility [1].

Market observers remain cautious, with many suggesting that the current environment is characterized by speculative trading [1]. While short-term buying pressure may provide some price support, the absence of widespread adoption or renewed retail interest limits the potential for a prolonged bullish phase [1]. Without a broad-based surge in market confidence and continued accumulation, the recent rally may remain a temporary correction rather than a significant turning point for DOGE.

Source: [1] DOGE Hits 23-Cents on Whale Buying, Supply Zone Stalls ... (https://www.coindesk.com/markets/2025/08/09/doge-hits-23-cents-on-whale-buying-supply-zone-stalls-breakout)