Dogecoin (DOGE) dropped 8% over the past 24 hours, falling from $0.22 to $0.21 amid a wave of high-volume selling. Despite the sharp decline, on-chain data reveals that large holders stepped in during the selloff, hinting at possible support forming near the $0.21 level.
Price Rejection and Sell Pressure
DOGE traded within a volatile $0.03 range on July 31, briefly touching $0.23 before being rejected at resistance. As bullish momentum faded, sell pressure intensified into the evening, culminating in a rapid decline just after midnight UTC. During this window, trading volume surged to 1.25 billion DOGE—well above the 24-hour average of 365 million—triggering liquidations and accelerating the downward move.
Prices reached a session low of $0.20 before rebounding slightly. DOGE closed near $0.21, up just over 1% from the intraday bottom, signaling a tentative return of buyers.
Institutional Activity Emerges
While broader sentiment remained cautious, large wallets quietly accumulated DOGE during the downturn. On-chain data shows institutional holders added roughly 310 million DOGE near the $0.21 mark, positioning into weakness.
Meanwhile, Bit Origin, a digital asset infrastructure company, revealed the addition of 40 million DOGE to its treasury as part of a $500 million diversification plan—highlighting DOGE’s growing appeal as a treasury asset within corporate portfolios.
Macro Factors Continue to Weigh on Crypto
DOGE’s move lower reflects broader market uncertainty as investors remain focused on inflation data and central bank policy. Risk appetite remains fragile across asset classes, with global equities also under pressure. For crypto, this has meant sharp intraday swings and limited upside momentum, even amid underlying accumulation.
Price Action Overview
- High: $0.23 (09:00–10:00 UTC, July 31)
- Low: $0.20 (00:00 UTC, August 1)
- 24-Hour Change: -8%
- Volume Surge: 1.25B DOGE vs. 365M daily average
- Close: $0.21
- Late-Session Recovery: +1% rebound from session low
DOGE closed the session in a tight range, stabilizing above $0.21, suggesting sell pressure may be tapering off—at least in the short term.
Technical Setup
- Resistance at $0.23 remains firm, capping any upside moves
- Support at $0.20–$0.21 has held through multiple retests
- Volume peak at the low indicates potential capitulation
- Narrowing range post-rebound hints at a possible base forming
Key Areas to Watch
- Price Stability: Can DOGE sustain support above $0.21 in the near term?
- Whale Behavior: Will institutional wallets continue to accumulate?
- Corporate Interest: Bit Origin’s move could signal growing treasury demand for DOGE
- Macro Catalysts: Global inflation data and equity sentiment may shape crypto flows ahead
