Dogecoin Whales Add 180M DOGE, But Resistance at $0.074 Remains

Large Dogecoin holders have been increasing their stash, adding 180 million tokens to their holdings. According to Santiment data, wallets with between 10 million and 100 million DOGE have scooped up some 180 million tokens. This has increased their holding of the total DOGE supply from about 11.85% to 11.97%. However, it's worth noting that their holdings are still below what they were at the end of July.

Their buying activity may be part of a renewed accumulation trend, as the last month's increase is not necessarily a buy trend. Additionally, data shows that there are increasing balances in the cohort, but the motivation for the increase is not clear. Some of these coins might even be stored on exchanges and custodians.

Meanwhile, derivatives traders seem to be leaning long, with DOGE open interest hovering near $1.17 billion according to CoinGlass. The OI-weighted funding rate remains positive for the most part since July, but it's still below 0.01% which is a threshold that usually indicates overheating.

To break above $0.074 and see a move towards $0.08, DOGE would need stronger spot demand. If prices drop below $0.0676, however, the recovery could be hurt, and prices might head south towards recent lows.