DOGE Whales Eye $0.08 as Price Bounces Off Support
Whales in the Dogecoin (DOGE) market have been buying up tokens during the latest market drawdown, adding 180 million DOGE to their wallets and increasing their supply share from 11.85% to 11.97%. This increase points to renewed accumulation, but it does not yet establish a sustained buying trend, as balances remain below their recent peak.
The whales holding between 10 million and 100 million DOGE bought the tokens during the latest market drawdown, according to Santiment data. The increase in supply share is still below the cohort's late-July holdings, leaving the reason for the increase unclear.
Derivatives positioning has also improved, with open interest near $1.17 billion and a positive funding rate. However, elevated open interest could still amplify liquidations if support fails.
The DOGE price is currently trading near $0.0708 around the middle of its 20-day Donchian Channel, leaving $0.074 as the nearest upper boundary and $0.0676 as the lower support level. A daily close above $0.074 would improve the breakout case.
If $0.074 breaks, bulls could target $0.08, while a loss of $0.0676 would weaken the rebound and reopen a test of recent lows.