Dogecoin News Today: Whales Dump $200M DOGE as Bears Take Control of the Narrative

Dogecoin (DOGE) faces growing bearish sentiment as on-chain metrics, open interest, and technical patterns indicate a potential price decline. Large holders, or whales, have been offloading significant volumes of DOGE, signaling risk aversion. Wallets containing $10-$100 million in DOGE have decreased by 6% since late July, according to Santiment data. A notable transaction involved 900 million DOGE, valued at over $200 million, being moved to Binance, further raising concerns about short-term sell pressure. Typically, such activity by large holders suggests anticipation of further price declines.

Derivatives data also reflects waning interest in the memecoin. Futures open interest (OI) has dropped to $3.24 billion, down from a peak of $5.35 billion on July 22, representing an 8% decline. This reduction indicates fewer traders are betting on short-term price increases. The daily active addresses on the Dogecoin network have plummeted to 58,000 from a peak of 1.65 million in Q4 2024 and 674,500 in July, signaling weak user engagement and a possible decline in retail interest.

From a technical standpoint, DOGE is forming a rising wedge pattern, a bearish reversal setup that suggests further downward momentum if the price breaks below $0.218. A break below this level could drive the price down to $0.12, representing a potential 45% decline from current levels. The relative strength index (RSI) has also shown weakness, dropping to 49 from overbought conditions at 85 on July 20, indicating the gradual buildup of bearish momentum.

Market activity in late August saw DOGE trading within a tight $0.02 range between $0.23 and $0.25, with sharp price reversals observed following a spike to $0.25 on August 24. This movement occurred against a backdrop of heavy whale transfers to Binance and fading momentum at key resistance levels. Institutional accumulation of over 680 million DOGE in August suggests long-term positioning for potential upside, despite near-term technicals pointing to a bearish bias.

The broader cryptocurrency market is also under pressure, with Bitcoin and Ethereum struggling against negative sentiment. Bitcoin has dropped below $112,000, and Ethereum is testing support levels after recent liquidations wiped out nearly $900 million in leveraged positions. The crypto fear and greed index is currently neutral, with some analysts suggesting a potential 20% correction from all-time highs for Bitcoin. However, the long-term outlook remains bullish, with traders and analysts monitoring key levels and macroeconomic indicators for signs of a reversal.

Source:

[1] Dogecoin whales de-risk as DOGE price is in danger (https://cointelegraph.com/news/dogecoin-whales-de-risk-doge-price-dropping-45-percent)

[2] DOGE Futures OI Slides 8% Even as Fabled 'Golden Cross' Intact on Higher Timeframes (https://www.coindesk.com/markets/2025/08/25/doge-futures-oi-slides-8-even-as-fabled-golden-cross-intact-on-higher-timeframes)

[3] Bitcoin, Ethereum, Dogecoin Struggle With Negative Sentiment (https://finance.yahoo.com/news/bitcoin-ethereum-dogecoin-struggle-negative-191348914.html)

[4] Ether, Dogecoin, Bitcoin Plunge Sees $900M in Bullish Bets Liquidated (https://www.coindesk.com/markets/2025/08/26/ether-dogecoin-bitcoin-plunge-sees-usd900m-in-bullish-bets-liquidated)

[5] Bitcoin, Ethereum, XRP, Dogecoin Edge Higher as Sentiment Improves (https://finance.yahoo.com/news/bitcoin-ethereum-xrp-dogecoin-edge-121338754.html)