Despite Dogecoin (DOGE) falling more than 4% in the past 24 hours, on-chain data reveals a hidden buying force.
🔍Major Whale Move: $85 Million DOGE Withdraws from Exchange
According to Whale Alert, more than 900 million DOGE (worth approximately $85 million) were transferred out of the Bithumb exchange in three separate transactions within half an hour.
These addresses had previously received 50 million DOGE as a prelude, and the entire operation was fast-paced and clearly intended—a typical planned large-scale hoarding of coins.
👥 Retail investors are also buying: Overall net outflow from exchanges
Besides whale, retail investors also bought DOGE on platforms such as Coinbase, Binance, and HTX. Data shows that a total of 119.8 million DOGE flowed out of exchanges during the same period, while only 40.75 million flowed in, resulting in a net outflow of approximately $7.4 million.
From whale to retail investors, Dogecoin is in a clear accumulation phase , which is usually a precursor to a price increase.
📉 Technical Analysis: Can the support level hold?
Dogecoin's key price level: DOGE has been hovering around $0.09 since mid-March. If it can hold above $0.0937 , the short-term trend is expected to strengthen; if it falls below $0.09, it may weaken further.
However, the Bollinger Bands are narrowing, and the daily Bollinger Bands are continuously compressing, which often indicates an impending market reversal and a possible period of sharp fluctuations. The Money Flow Index (MFI) is at 55, indicating that funds are still flowing into the market.
⚠️ Liquidation Risk: $0.09 is the key defense line
Currently, long positions are severely squeezed, exacerbating the price decline. Only by holding the $0.09 support level can the pressure of long liquidation be alleviated.
Conversely, a large number of short positions are accumulating at the top. Once this accumulation triggers an upward breakout, it could trigger a short-selling stampede, pushing prices up rapidly .
✅ Summary
900 million DOGE (approximately $83 million) flowed out of Bithumb, indicating whale are accumulating the coin. Retail investors are also buying, resulting in an overall net outflow from the exchange. Multiple technical indicators suggest DOGE is in a support zone, and a bottom may have formed. Whether it can hold above $0.09 will be crucial for its future price movement.
The market is awaiting a turning point signal, and whale have already quietly made their moves. What's your take on this?
