DOGE Whales Buy In, But Resistance Remains

Large Dogecoin holders recently purchased 180 million DOGE tokens, according to Santiment data. This move pushed their holdings of the total DOGE supply from about 11.85% to 11.97%. However, these whales still hold below the levels seen in late July.

The increase in holdings may be due to accumulation by exchanges and custodians, as balances at these addresses are also increasing. The motivation for this move is unclear.

Derivatives trading data shows that open interest is hovering near $1.17 billion, with a positive funding rate. This indicates that leveraged traders are positioned long on the market, but this does not guarantee a price increase. In fact, the risk of liquidation remains if DOGE support breaks.

DOGE is currently trading at $0.0708, stuck in its 20-day Donchian Channel. The nearest breakout boundary is at $0.074, and support remains at the lower boundary near $0.0676. If prices break above $0.074, bulls may push DOGE towards $0.08.