Dogecoin News Today: Dogecoin Price Breaks Key Level as Whales Buy 230M DOGE in 24 Hours

The cryptocurrency market saw a resurgence on August 8, with the total market cap climbing to $3.87 trillion, a 3.59% increase from the previous day. Altcoins outperformed Bitcoin, which rose by just over 2%, as Ethereum gained more than 7%, surpassing $3,900, and XRP surged nearly 13% following the dismissal of a regulatory lawsuit. Dogecoin (DOGE) also posted notable gains, breaking above a key resistance level at $0.218.

Large holders of DOGE, known as whales, purchased over 230 million tokens in a 24-hour period, according to analyst Ali Martinez. This follows a similar surge on August 6, when over 1 billion DOGE were acquired in a single day. Martinez noted that the current price action places DOGE within a historically strong "buy zone," a range previously associated with significant price rallies. At the time of the report, DOGE had risen more than 8%, signaling growing confidence among larger investors [1].

The buying activity has coincided with DOGE re-entering the $0.15 to $0.22 price range, a historically significant accumulation zone that has often preceded major price movements [2]. Analysts suggest that this pattern reflects a broader buildup, as larger investors may be accumulating supply ahead of a potential breakout.

Currently, DOGE is holding above a key support range between $0.165 and $0.202, a level considered vital for sustaining a bullish trend. Despite a brief dip near $0.19 over the weekend, buyers quickly intervened, preventing a deeper decline. The next critical price level is between $0.209 and $0.22, a zone that has historically acted as both support and resistance. A confirmed move above this range, especially with increased trading volume, could trigger a sharp rally toward $0.28–$0.29, levels not seen in months [1].

However, a failure to break the $0.216 level could result in renewed selling pressure and another pullback toward $0.16. A successful breakout, on the other hand, may signal the beginning of a new bullish phase for DOGE.

The accumulation of such a large volume of DOGE in a short time highlights the token’s appeal, particularly due to its relatively low market cap and high liquidity. While whale activity can influence short-term price dynamics, long-term success will depend on broader adoption and macroeconomic conditions.

Source:

[1] Dogecoin Whales Buy 230M DOGE as Price Breaks Out

(https://coinedition.com/dogecoin-whales-buy-230-million-doge-in-24-hours-as-price-breaks-key-level/)

[2] 4 best cryptos to buy today and hold until 2026 to make ...

(http://www.msn.com/en-us/money/topstocks/4-best-cryptos-to-buy-today-and-hold-until-2026-to-make-1000000-from-2000/ar-AA1JU0px?apiversion=v2&batchservertelemetry=1&domshim=1&noservercache=1&noservertelemetry=1&renderwebcomponents=1&wcseo=1)