Dogecoin Whales Pile On, But Can't Break Through $0.074 Barrier

Large Dogecoin holders have been accumulating DOGE, adding 180 million tokens to their wallets in recent days. This move has pushed their holding of the total DOGE supply up slightly from about 11.85% to 11.97%, according to Santiment data.

The increase is seen as a renewed accumulation trend, rather than a buy trend, as holdings are still below the level they were at the end of July. The motivation for this increase is not clear, and it's possible that some of these tokens may be held in exchange or custodial wallets.

Derivatives traders, however, seem to be leaning long on DOGE, with open interest hovering near $1.17 billion and a positive funding rate. This means leveraged traders are positioned for a price increase, but this also raises the risk of liquidation if support breaks.