Dogecoin (DOGE) Eyes $0.22 Drop, Even as Whales Buy 750M Tokens

Whales Accumulate Dogecoin Amid Market Decline

The recent market downturn has heightened market sentiment, with some seizing the opportunity to accumulate assets while others offload their holdings. Notably, whales have been actively acquiring Dogecoin (DOGE), the popular meme coin.

Whales Buy 750 Million DOGE

A respected crypto expert recently shared that crypto whales purchased 750 million DOGE coins during a recent market dip, demonstrating their confidence in the asset. This significant accumulation signals a bullish outlook for investors.

Despite this whale accumulation, DOGE has remained largely unaffected price-wise. Currently, the meme coin trades near $0.253, down 5.50% in the past 24 hours. This suggests a potential buying opportunity.

However, trading volume has declined by 30% during the same period, indicating caution among traders and investors.

Long-Term Holders Accumulate

Despite the lower participation, data from Coinglass reveals that long-term holders and investors continue to add DOGE to their portfolios. Spot inflow/outflow data shows an outflow of over $25 million worth of DOGE from exchanges, indicating potential accumulation. This suggests that long-term holders are moving their assets off exchanges, which could create buying pressure and trigger a further upside rally.

Dogecoin Price Action and Key Levels

Technical analysis indicates that DOGE is in a bearish trend, trading below the 200 Exponential Moving Average (EMA) on a daily time frame.

Recent price action and historical momentum suggest a potential 10% price drop to $0.22 in the coming days.

According to Coinglass data, if the DOGE price falls below $0.246, nearly $8 million worth of long positions will be liquidated, as bulls are currently over-leveraged at this level.