DOGE Whales Eye $0.08 Breakout After Adding 180M Tokens
Whales in the Dogecoin (DOGE) market have been accumulating tokens during the latest price pullback, with wallets holding between 10 million and 100 million DOGE adding about 180 million tokens to their balances. This increase has lifted their supply share from approximately 11.85% to 11.97%, but it still remains below the cohort's late-July holdings.
The accumulation of DOGE by whales is seen as a positive sign, indicating renewed interest in the cryptocurrency. However, the recent rebound in price may not yet be sustainable, as balances remain below their recent peak and some addresses may belong to exchanges or custodians.
Derivatives positioning has also improved, with open interest near $1.17 billion and a mostly positive OI-weighted funding rate since July. This suggests that long-side positioning is clear, but stronger spot demand is necessary for the recovery to gain momentum.
The DOGE price currently trades around $0.0708, which is near the middle of its 20-day Donchian Channel. The nearest upper boundary is at $0.074, while the lower support level is at $0.0676. A daily close above $0.074 would improve the breakout case, potentially allowing bulls to target $0.08.