Dogecoin Stabilizes Near $0.21 Despite $200M Whale Transfer
Dogecoin (DOGE) traded with notable volatility from August 24–26, oscillating within a $0.013 range before consolidating around $0.21. The token dropped from $0.218 to $0.208 on 1.57 billion in volume after a 900 million DOGE ($200M+) transfer to Binance stirred fears of a sell-off.
Despite short-term selling pressure, whales continued accumulating, adding 680 million DOGE in August, balancing retail outflows and keeping sentiment mixed between cautious traders and dip-buyers.
Key Market Drivers
- Fed Chair Powell’s Jackson Hole remarks fueled a 12% rally across meme coins, supporting DOGE’s rebound.
- DOGE futures saw 8% lower open interest, indicating reduced speculative leverage.
- Technical indicators signal potential bullish momentum: RSI climbed from 42 to mid-50s, and the MACD histogram trends toward a bullish crossover.
Price and Technical Snapshot
- Trading range: $0.208–$0.221; consolidation around $0.210–$0.212 shows accumulation.
- Support: $0.208; resistance: $0.218–$0.221.
- Late-session rebound included 17.85 million tokens traded, highlighting strong liquidity.
Traders’ Watchpoints
- Upside target: $0.23–$0.24 if consolidation resolves upward and whale accumulation continues.
- Downside risk: Break below $0.208 may open a path toward $0.20.
- The tug-of-war between whale buying and exchange inflows will likely dictate DOGE’s next move.
