Memecoin tests critical support after whale accumulation fails to offset accelerating technical deterioration and institutional selling pressure.
News background
• Whale cohorts accumulated 4.72 billion DOGE (~$770 million) over the past two weeks despite falling prices.
• Speculation grows around Bitwise and Grayscale preparing one-off DOGE ETF filings
• BTC death cross and extreme fear sentiment drag down high beta assets like DOGE
• Meme-coin sector underperforms as crypto market cap loses 2% amid fresh flows of risk aversion.
Price Action Summary
• DOGE fell 5% from $0.161 → $0.153, breaking multi-session support
• Volume skyrocketed to 1.264 billion tokens (+168% above average) as sales intensified.
• The crisis accelerated during the London session as institutional flows dominated.
• Temporary support formed at $0.1520, with consolidation now between $0.1534 and $0.1537
• The multi-year ascending trend line is now decisively broken on the daily and monthly charts.
Technical analysis
Dogecoin’s technical structure deteriorated rapidly as the price collapsed through the $0.1620 support that had underpinned the multi-month ascending channel. The breakout occurred in institutional-level volume, a hallmark of structural, non-speculative selling. The magnitude of the volume (168% above average) reinforces the fact that this was not a retail-driven dump, but rather deliberate positioning changes by large players in response to broader macroeconomic weakness and the sentiment shock driven by the death of BTC.
Despite the collapse, underlying accumulation trends paint a more nuanced picture. Cohorts of whales holding between 100 million and 1 billion DOGE absorbed 4.72 billion tokens in the drop, creating a classic divergence where smart money buying collides with graph structure deterioration. Historically, these divergences precede volatility expansions and trend-defining moves.
Technically, DOGE has now broken above its multi-year ascending trend line for the first time since 2021, a key psychological and structural level. This breakdown places greater importance on horizontal support at $0.1520, which has held twice in the last 48 hours. A developing double bottom around $0.155 is supported by the bullish RSI divergence, suggesting bearish momentum is slowing even as structural risks persist.
For the bulls, recovering between $0.159 and $0.160 is essential to avoid further declines. For bears, a failure below $0.1520 reopens the path to $0.150 and then $0.120, where multi-year volume nodes cluster.
What traders should pay attention to
Traders now find themselves at a decisive turning point:
• $0.1520 must be held: A breakout exposes a quick move to $0.150 and then $0.120.
• Recovering between $0.159 and $0.160 would indicate a stabilization of the trend and neutralize the immediate bearish pressure
• Whale Accumulation Remains a Major Wild Card – Sustained Buying Could Advance ETF-Driven Catalysts
• A confirmed double bottom above $0.155 could trigger a reversal towards $0.163 and then $0.170
• BTC death crossover and macro risk aversion conditions remain dominant external headwinds
