DOGE Whales Fuel Rebound as Breakout Levels Loom
Whales in Dogecoin (DOGE) have been accumulating tokens during market pullbacks, which has supported a rebound to $0.0708. This move comes as wallets holding between 10 million and 100 million DOGE added about 180 million tokens, increasing their supply share from 11.85% to 11.97%. However, the break-even price of $0.074 still limits the recovery.
Derivatives positioning has also improved, with open interest near $1.17 billion and a positive funding rate. This suggests that long-side positioning is strong, but stronger spot demand is necessary for sustained buying trends.
The breakout level remains at $0.074, while the nearest Donchian support is at $0.0676. A daily close above the upper boundary would improve the breakout case, potentially paving the way for bulls to target $0.08.