Dogecoin Whales Eye Breakout as DOGE Nears Key Resistance

Dogecoin (DOGE) whales have been buying up tokens during the latest market drawdown, adding about 180 million DOGE to their collective wallets. This influx of funds has lifted their supply share from 11.85% to 11.97%, but it still remains below their recent peak.

The increase in whale accumulation points to renewed interest in DOGE, but it's unclear whether this trend will sustain itself. Derivatives positioning has also improved, with open interest near $1.17 billion and a mostly positive OI-weighted funding rate.

Despite the improving indicators, DOGE still faces significant resistance at $0.074, with a daily close above this level potentially setting the stage for a breakout to $0.08. However, a loss of $0.0676 would weaken the rebound and reopen a test of recent lows.