Whale Accumulation Can't Lift Dogecoin Price Amid Ongoing Selling Pressure
Dogecoin whales have been accumulating tokens at discounted prices during the recent price correction. The number of DOGE held by whales rose from 18.72 billion to around 19 billion tokens over the past week, indicating confidence ahead of a potential rebound.
A crypto analyst noted that spot holders bought over 240 million DOGE tokens worth over $20 million. However, this buying activity does not guarantee consequential price appreciation, as selling pressure is yet to be exhausted.
The market structure is mildly bearish, with the Bull Bear Power (BBP) indicating a continued dominance of sellers in the Futures Average Order Size since DOGE hit $0.10 on August 22nd. The decline in Open Interest (OI) across major exchanges also suggests that profit-taking of leveraged orders and derivative selling are contributing to the price fall.