Dogecoin News Today: Whales Buy 1 Billion Dogecoin as Price Holds Above $0.20

Large investors, commonly referred to as whales, have acquired over 1 billion Dogecoin (DOGE) in the past 24 hours, according to real-time on-chain data from Santiment [1]. This significant accumulation has occurred as the cryptocurrency reclaims its 50-day simple moving average on the 3-day chart, a technical signal often interpreted as a sign of strengthening mid-term bullish momentum. Analyst Trader Tardigrade noted that the move supports the potential for further price appreciation and could lead to a test of new highs [1].

The recent price action has also formed a solid base around key support levels. Despite broader market volatility, DOGE has held firm above $0.20, reflecting growing investor confidence. Derivatives data underscores this optimism, showing a surge in long positions and a $4.9 billion increase in trading volume on platforms like Binance and OKX [1]. Meanwhile, options data reveals mixed signals, with a 14.59% drop in options volume but a 11.39% rise in open interest. Long/short ratio data remains skewed to the bullish side, with top traders holding a greater number of long positions [1].

From a technical perspective, the cryptocurrency is forming an ascending broadening wedge pattern on the weekly chart, another bullish formation. If the price breaks out of this pattern, analysts suggest the target could reach $1.40 [1]. Historical price swings within the wedge have shown consistent volatility of over 100%, suggesting that a breakout may lead to a sharp upward move. Short-term technical indicators also present a positive outlook: an inverse head and shoulders pattern is forming on the one-hour chart, with a potential neckline at $0.21. A successful breakout above this level could accelerate near-term bullish momentum [1].

The recent buying pressure from whale investors highlights a strategic, rather than speculative, approach to DOGE. Unlike retail traders, who often react to price movements, whales tend to accumulate during consolidation phases, signaling long-term conviction in the asset. This behavior is particularly impactful in DOGE’s case due to its high circulating supply and relatively lower liquidity, making large holder activity a key factor in price direction [1].

While the price is currently trading at $0.2008—a 1.75% decline over the past 24 hours—the market cap and volume data indicate sustained interest. DOGE’s market cap stands at $30.21 billion, with a daily trading volume of $1.56 billion [1]. Although short-term selling pressure is evident, the overall technical structure and whale sentiment continue to support further upside potential. Traders are advised to monitor both price action and on-chain metrics for confirmation of a mid-term rally.

The broader market is also showing increased accumulation activity, with many investors adopting a cautious yet optimistic stance. While technical indicators and whale activity offer valuable insights, they should not be viewed as guarantees of future performance. Market conditions, including liquidity and macroeconomic factors, will continue to influence the trajectory of DOGE [1].

Source:

[1] Whales Buy 1B Dogecoin as $DOGE Reclaims 50 SMA...

(https://coincu.com/analysis/whales-buy-1b-dogecoin-as-doge-reclaims/)