Dogecoin Whales Eye $0.08 as They Continue Buying During Market Downturns

Dogecoin whales have been buying up DOGE during market downturns, and the latest pullback is no exception. According to Santiment data, wallets holding between 10 million and 100 million DOGE added about 180 million tokens during the recent drawdown, increasing their supply share from around 11.85% to 11.97%. This renewed accumulation does not yet establish a sustained buying trend, as balances remain below their recent peak and some addresses may belong to exchanges or custodians.

The derivatives market also shows improved positioning, with CoinGlass reporting open interest near $1.17 billion and the OI-weighted funding rate remaining mostly positive since July. Funding has generally stayed below 0.01%, indicating that leverage is not yet overheated, although elevated open interest could still amplify liquidations if support fails.

The DOGE price currently trades around $0.0708, near the middle of its 20-day Donchian Channel, with $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, potentially allowing bulls to target $0.08.