Dogecoin News Today: Institutional Whale Buying Pushes Dogecoin to $0.23 Amid Supply Zone Resistance

Dogecoin (DOGE) surged to $0.23 in early August 2025, driven by aggressive accumulation from large institutional investors and whale traders. Over the course of two days, more than 1 billion DOGE were purchased, with over $200 million worth of the token acquired in just 24 hours. Bit Origin, a prominent crypto firm, was reported to have bought 40 million DOGE early in August, further fueling market interest and price action [1].

The buying activity was characterized by strong institutional participation, with whale investors acquiring significant portions of the circulating supply. This led to a 4% price increase, pushing the price from $0.22 to $0.23. However, the $0.23 level quickly became a point of resistance, as heavy selling pressure emerged amid the rally [1]. The price briefly pulled back to $0.227 in the final hour of trading, dropping 1% amid increased institutional selling and a notable breakdown on 11.4 million volume. A sharp spike in volume—24.1 million—shortly after signaled a potential exit by larger traders [1].

Analysts noted that while whale accumulation can drive short-term price gains, the sustainability of the move depends on broader retail and institutional participation. Historical patterns suggest that similar whale-driven rallies, such as those in 2021 and 2023, often led to temporary price increases but lacked long-term momentum without wider market adoption [1]. On-chain data supports this view, showing elevated speculative activity but also a lack of sustained buying pressure to break through the $0.23 resistance [1].

The late-session dynamics indicated a possible consolidation phase. Large holders appeared to use the price rally as an opportunity to distribute their positions, as evidenced by the late-hour spike in trading volume. Cumulative trading volume during this period reached nearly 780.9 million, highlighting the intense tug-of-war between bullish and bearish forces [1].

Looking ahead, traders are watching closely whether the $0.22 level can act as a reliable support zone. The repeated retests of this level have so far held firm, offering some stability in an otherwise volatile environment. However, the $0.23 level remains a key technical challenge. If whales continue to accumulate, it could signal ongoing confidence in DOGE’s future. Conversely, further distribution activity may suggest a cooling of bullish sentiment and a potential price correction [1].

Experts from Kanalcoin noted that speculative buying patterns are likely to continue in the near term, which could provide temporary support for the price. However, without broader market confidence and sustained buying, the current rally may struggle to extend beyond a short-term move [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)