Dogecoin News Today: DOGE Falls 5% as Whale Moves $200M to Binance, Testing $0.21 Support

Dogecoin (DOGE) has seen a significant price decline of approximately 5% in the 24 hours ending August 29, moving from $0.22 to $0.21. Institutional selling was a key factor in the downturn, particularly evident in the breach of the $0.22 support level. A large whale transfer of 900 million DOGE—valued at over $200 million—to Binance has further intensified concerns about potential selling pressure from long-term holders [1].

The token has remained in a tight trading range of $0.21 to $0.23 during the reporting period, with a notable drop occurring between 07:24–08:23 GMT on August 29, when DOGE dropped 0.57% on a 27.36 million spike in volume. Traders are now closely monitoring the $0.21 support level, which, if broken, could expose the $0.20 mark. The RSI is currently hovering in the mid-40s, indicating a neutral-to-bearish bias. Meanwhile, the MACD lines are diverging bearishly, reinforcing the technical case for further downside risk unless the price reclaims the $0.22 level [1].

Amid the price volatility, a new corporate structure has emerged in the form of a Dogecoin treasury company. Sources indicate that House of Doge—the official corporate entity behind the cryptocurrency—has endorsed the initiative as the “official” Dogecoin vehicle. The proposed entity, which is expected to raise at least $200 million, will have Alex Spiro, Elon Musk’s personal lawyer, serving as chairman. While the exact structure and timeline for the public vehicle remain undisclosed, the initiative aligns with a broader trend of public companies investing in cryptocurrencies to enhance their appeal to traders and investors [3].

Dogecoin’s price has historically been sensitive to public statements and tweets from Elon Musk, who has frequently referenced the token and even named his government reform initiative after it—DOGE. The token's price has seen sharp increases following Musk’s social media activity, particularly during high-profile appearances. However, regulatory uncertainty and macroeconomic headwinds have led to a reevaluation of risk exposure, with corporate treasuries and institutional funds reportedly reducing their meme-coin positions [1].

The broader cryptocurrency market remains supported by expectations of Fed policy easing, but Dogecoin has not shared in the same momentum as leading cryptocurrencies like Bitcoin and Ethereum. Dogecoin’s hashrate remains robust at 2.9 petahashes per second, indicating strong mining participation despite the price drop [1].

Investors are now looking to both technical indicators and corporate developments to gauge the next move. Whale activity on exchanges, including the Binance transfer, and the performance of futures open interest—down 8% earlier in the week—will be key metrics to watch. The outcome of the proposed Dogecoin treasury initiative could also provide a significant catalyst for sentiment shifts [1].

Source:

[1] DOGE Price Declines 5% as 'Lower Highs' Point to Further... (https://www.coindesk.com/markets/2025/08/29/doge-price-declines-5-as-lower-highs-point-to-further-declines)

[2] Will Dogecoin Price Extend its Decline Below $0.20 as... (https://coincentral.com/will-dogecoin-price-extend-its-decline-below-0-20-as-remittix-announces-major-cex-listing-with-3500-gains-likely/)

[3] Elon Musk's lawyer Alex Spiro set to chair $200 million... (https://fortune.com/crypto/2025/08/29/elon-musk-alex-spiro-dogecoin-house-of-doge-crypto-treasury-company/)