Dogecoin (DOGE) Experiences Price Drop Amidst Whale Accumulation

Despite a recent bearish trend, Dogecoin, the leading meme coin, has attracted considerable attention from cryptocurrency enthusiasts. A notable price decline has spurred significant activity, particularly among large investors.

Whale Purchases Fuel Interest

On February 28, 2025, a prominent crypto expert reported on X (formerly Twitter) that whales purchased 530 million DOGE over the preceding three days, capitalizing on the price dip. This accumulation occurred after DOGE breached a key support level of $0.238, resulting in an overall price drop exceeding 17%.

Dogecoin Price Analysis and Future Outlook

Technical analysis suggests a bearish outlook for DOGE, although the price has consolidated near the crucial support level of $0.175 for the past two trading days. Based on current price action and historical trends, a further 15% price decrease remains a possibility.

Currently, DOGE trades below its 200-day Exponential Moving Average (EMA), reinforcing the downtrend.

Trading Volume and Open Interest Decline

DOGE is currently priced near $0.206, showing a modest 1.75% increase in the last 24 hours. However, trading volume has decreased by 30% during the same period, suggesting reduced investor participation, likely due to recent price volatility.

Data from Coinglass indicates a decline in open interest (OI) for DOGE futures contracts, signifying reduced engagement from intraday and derivative traders. This represents the lowest OI level in 2025.

Since the presidential inauguration, DOGE's OI has plummeted from $5.25 billion to $1.79 billion, highlighting waning trader interest, possibly attributed to market uncertainty and decreased momentum.