Dogecoin Price Jumps 9% as Whales Accumulate $161M DOGE, Eyes on $0.22 Support?

Dogecoin, the largest meme coin, posted a strong 9.48% daily gain, climbing to $0.2381 with a market cap of $35.81 billion. The move comes amid a sharp increase in trading volume, which surged over 160% to $5.3 billion. Also, because of a mix of whale accumulation, market rotation into altcoins, and technical strength, despite lingering concerns over Dogecoin’s security model. Curious about where Dogecoin price could stroll next? Join me as I decode the same.

Dogecoin Price Analysis

DOGE price has broken decisively above its 30-day SMA at $0.222 and cleared the Fibonacci 23.6% retracement level at $0.239. Over the past 24 hours, price ranged between $0.2088 and $0.2417, with buyers stepping in aggressively. This was after whales scooped up 680 million DOGE, worth about $161 million, between August 20 and 21. This large-scale accumulation, now accounting for nearly half the circulating supply, reduced selling pressure from retail traders and signaled strong institutional confidence.

From a technical perspective, the $0.22 level now serves as immediate support. If DOGE holds above this zone, it may retest $0.26, where a previous resistance zone lies. A sustained move above $0.26 could open the door toward $0.30 in a high-volume breakout scenario. However, failure to maintain $0.22 could trigger profit-taking, pulling prices back toward $0.21 or even $0.203.

Meanwhile, developers are exploring integrating zero-knowledge proofs, a proposal aimed at enabling DeFi applications on Dogecoin. If implemented, this could give DOGE real utility beyond payments, potentially supporting the long-term DOGE price.

FAQs

Why is Dogecoin’s price rising today?

Whale accumulation of 680M DOGE, reduced retail selling pressure, and increased trading volume have pushed prices higher.

Where could DOGE price go next?

The support at $0.22 and resistance at $0.26 are critical. A break above $0.26 could send Dogecoin price toward $0.30.