Dogecoin News Today: Dogecoin Rises to 23 Cents as Whale Buying Stalls at Resistance Zone

Dogecoin (DOGE) climbed to 23 cents in early August 2025, driven by heavy buying from large holders, commonly referred to as "whales." Over $200 million in DOGE was accumulated within 24 hours, signaling strong institutional interest. The $0.22 level held firmly during multiple retests, drawing leveraged long positions as traders anticipated a breakout. However, the price stalled at the $0.23 resistance zone, where short-term traders began booking profits and signs of potential distribution by large holders emerged [1].

The price action revealed a clear battle between buyers and sellers. The $0.22 level, supported by strong bid-side volume, became a critical floor, while the $0.23 zone, marked by heavy selling pressure and peak volume of 780.9 million, acted as a ceiling. Despite the bullish momentum at the start of the session, the price faced a sharp 1% pullback in the final hour, dropping to $0.227 due to institutional selling. A breakdown occurred at 03:34 on 11.4 million volume, followed by a 24.1 million spike at 03:35, indicating aggressive exits by larger traders [1].

Whale activity dominated the flow throughout the session, with large holders accumulating over 1 billion DOGE worth approximately $200 million. This significant buildup of ownership by whales brought them close to controlling nearly half of the circulating supply. The concentration of ownership raises questions about future price direction, as large holders are often seen as key influencers in the short-term trajectory of digital assets. The late-session distribution at $0.23 suggests that some whales may have used the rally as an opportunity to offload positions, setting the stage for a potential consolidation phase [1].

Technical indicators further reinforce the importance of these price levels. The $0.22 support was confirmed by repeated volume-backed defenses, while the $0.23 resistance was reinforced by a supply zone and peak volume. The final hour of trading recorded eight times the average volume, signaling potential exits by large holders. Traders are now closely monitoring whether DOGE can retest the $0.22 level and sustain a breakout, or if it will settle into a sideways pattern amid profit-taking and distribution [1].

Market participants are also watching for signs of sustained whale accumulation versus distribution. The balance between these two forces will likely determine the next phase of DOGE's movement. If large holders continue to add to their positions, it could signal confidence in the asset’s future. On the other hand, if distribution continues, it may indicate a shift in sentiment and a potential pullback. The broader meme coin market remains a key factor, as sentiment in this segment often drives momentum for assets like DOGE [1].

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)