Whales Accumulate 530M DOGE Amidst 17% Price Drop

Dogecoin (DOGE), the leading meme coin, has garnered significant attention from crypto enthusiasts due to its recent price decline. Despite the bearish momentum, whales have been accumulating the cryptocurrency, buying a substantial 530 million DOGE in the past three days.

On-chain data reveals that DOGE experienced a price drop of over 17% during this period, with whales starting to accumulate after the breakdown of the crucial support level at $0.238. Although the asset has been consolidating near the $0.175 support level, technical analysis suggests that DOGE remains bearish and could potentially drop another 15% in the future.

Currently, DOGE is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend. The asset is trading near $0.206, with a modest price surge of over 1.75% in the past 24 hours. However, trading volume has dropped by 30% during the same period, suggesting lower participation from traders and investors.

With the bearish market outlook, data from on-chain analytics firms shows that intraday and derivative traders appear to be abandoning DOGE. Its futures open interest (OI) has dropped to its lowest level in 2025, falling from $5.25 billion to $1.79 billion since the presidential inauguration. This decline reflects fading trader interest, possibly due to market uncertainty and declining momentum.