Whales Flock to Dogecoin as Breakout Level Looms

Investors in Dogecoin (DOGE) have reason to be optimistic as whales added 180 million tokens during the latest market pullback, boosting their supply share from 11.85% to 11.97%. This increased accumulation suggests renewed interest in the asset, but it's essential to note that balances remain below their recent peak.

The move was led by wallets holding between 10 million and 100 million DOGE, which purchased the tokens during the market drawdown. Derivatives positioning has also improved, with open interest near $1.17 billion and a positive OI-weighted funding rate since July.

However, the long bias in derivatives is clear, and the asset's price remains below its 200-day moving average at $0.0915. The breakout level for DOGE is currently set at $0.074, with a daily close above this level potentially improving the case for a target of $0.08.

While whale accumulation is encouraging, it may not be enough to spark broader spot demand and sustain the rebound. A loss of $0.0676 would weaken the recovery and reopen a test of recent lows.