Dogecoin Whales Offload 900M DOGE, Price Faces 45% Downside
Dogecoin whales have been offloading large stakes following a 24% price drop from July 21’s $0.28 peak. On-chain data reveal a 900 million DOGE transfer to Binance, while futures open interest plunged from $5.35 billion to $3.24 billion and wallets holding 10 million–100 million DOGE decreased by 6%. Daily active addresses collapsed to 58 000 from July’s 674 500 high, signaling waning retail demand. Technically, DOGE has formed a bearish rising wedge; a break below $0.218 support could trigger a 45% slide toward $0.12. The RSI fall from 85 to 49 reinforces bearish momentum. Traders should watch the $0.19–$0.20 zone and the 100-day/200-day moving averages—failure to hold may lead to a test of $0.16. Overall, whale distribution, declining speculative demand, and bearish technicals point to further downside risk, suggesting caution for short-term traders despite possible long-term recovery if key support holds.
Bearish
Heavy whale distribution and a sharp drop in futures open interest signal reduced speculative demand and increased selling pressure. The bearish rising wedge pattern and falling RSI indicate heightened downside momentum in the short term, with critical supports at $0.218, $0.19–$0.20, and a potential $0.16 test. While these levels could stage a long-term rebound if they hold, current on-chain and technical indicators favor a bearish outlook and warrant caution for traders.