Dogecoin News Today: Dogecoin Whales Buy 310M DOGE in 48 Hours, Breaks 146-Day Channel

Dogecoin (DOGE) has seen a significant development in its price action and on-chain behavior, drawing attention from traders and analysts. Following an 8-day decline of 6.41%, the cryptocurrency broke out of a 146-day ascending channel on July 17, according to technical analysis. Concurrently, whale wallets—defined as addresses holding 100 million to 1 billion DOGE—accumulated 310 million tokens in 48 hours, valued at over $73 million. This accumulation pushed the total whale-held supply to 25.42 billion DOGE, a level last seen in February 2025 [1].

The surge in whale activity coincided with a retest of critical support levels. Analyst Ali Martinez highlighted that DOGE had retested the neckline of a double bottom pattern, a formation historically associated with bullish breakouts. The pattern, which began forming in February when the price dipped below $0.25, saw the asset oscillate between $0.1290 and $0.1430 before reclaiming key support levels. Martinez suggested that a successful retest of $0.26 could catalyze a rally toward $0.46, representing an 115% price increase [1]. Meanwhile, Trader Tardigrade noted the breakout from a multi-month wedge and 146-day channel as a sign of an "imminent" major move, though no specific price target was cited [1].

XForceGlobal added to the bullish sentiment, forecasting a minimum 3-5x growth for DOGE in the remainder of the current market cycle. The analyst emphasized the coin’s resilience as a "legacy" asset compared to newer altcoins, though this assessment is subjective [1]. As of July 8, DOGE traded at $0.2357, reflecting a 0.15% decline in the past 24 hours [1].

Historically, large whale accumulations have often preceded price rebounds following dips. Analysts point to prior instances where similar on-chain behavior led to upward trends, though they caution that current volatility necessitates prudence. The 310 million DOGE purchased in two days represents a notable but non-binding signal, as whale activity does not guarantee short-term price movements.

The market remains underpinned by mixed signals. While technical indicators suggest optimism, traders are advised to monitor key support and resistance levels closely. The interplay between whale accumulation, pattern retests, and broader market sentiment will likely shape DOGE’s trajectory in the near term.

Source:

[1] [Dogecoin Breaks Out of 146-Day Channel as Whales Scoop Up 310 Million DOGE in 48 Hours] (https://zycrypto.com/dogecoin-breaks-out-of-146-day-channel-as-whales-scoop-up-310-million-doge-in-48-hours/)

[2] [Ghost of MyBitcoin Hack? Galaxy Brokered Whale Sale ...] (https://zycrypto.com/ghost-of-mybitcoin-hack-galaxy-brokered-whale-sale-stirs-satoshi-era-theories/)

[3] [Cryptoboom - Recent News about Crypto News & Price Indexes] (https://www.cryptoboom.com/)