Dogecoin trades below $0.070, whale holdings rise to 12.18% of supply

Whale accumulation intensifies as retail interest stays low

Large Dogecoin holders, commonly known as whales, have been steadily increasing their holdings during the recent downturn. Wallets containing between 10 million and 100 million DOGE controlled 12.18% of the total circulating supply as of Wednesday, up from 11.86% just four days earlier, according to blockchain analytics firm Santiment.

This 0.32 percentage point increase highlights significant accumulation by big investors within a short period. Such activity can limit the amount of DOGE available for sale and help counteract downward pressure from smaller holders. However, an increased concentration of tokens among whales also brings the risk of higher volatility, as large transactions can have an amplified impact on price movements.

Wallets with 10 million to 100 million DOGE now control 12.18% of the total supply, reflecting growing whale accumulation even as prices remain subdued.

While whale activity is rising, retail and speculative demand appears muted. In the derivatives market, Dogecoin perpetual futures Open Interest has fallen 1.2% in the past 24 hours to $1.19 billion. Trading volume dropped much more sharply, sliding 46% over the same period.

Open Interest refers to the total value of active derivatives contracts that have yet to be settled. The current decrease signals that traders are cautiously reducing their exposure rather than exiting the market altogether.

If Open Interest and price rise together, it would indicate an increase in traders taking new positions in anticipation of a further rally. However, high futures activity can also raise liquidation risks if the price suddenly shifts.

Mini dictionary: Open Interest, the total number of outstanding derivatives contracts, reflects the level of market participation and can indicate whether traders are entering or leaving positions in an asset like Dogecoin.

Key technical levels shape DOGE price outlook

Dogecoin faces multiple technical obstacles above the $0.070 level. The price sits just below a dense cluster of resistance, underscoring the prevailing bearish trend on the chart.

Currently, DOGE is positioned at the middle Bollinger Band line around $0.070. Staying above this threshold could give buyers momentum to target the upper band near $0.072, yet immediate resistance may restrain further advances.

The Relative Strength Index (RSI) stands at 49, just below the neutral 50 mark, indicating that selling pressure has eased slightly but that buyers have not fully regained control. Meanwhile, the Moving Average Convergence Divergence (MACD) presents mildly positive signs, pointing to a potential shift in momentum, though it is not signaling a conclusive reversal.

A sustained daily close above $0.072 could set the stage for a test of the 50-day Exponential Moving Average (EMA) at $0.074. Breaking above this moving average may be interpreted as an early sign of bullishness in the short term.

The next major target lies at the 100-day EMA, currently at $0.081, which aligns closely with the broader $0.080 resistance level. If DOGE clears this barrier, upward momentum could extend toward the 200-day EMA at $0.096 and the psychologically significant $0.100 mark.

On the downside, the lower Bollinger Band at $0.068 offers the first layer of support. Falling below this point could undermine any developing recovery and spark renewed selling.

The $0.070 level acts as a pivotal threshold for Dogecoin. Retaining this area would keep prospects alive for an upward breakout, while a drop below $0.068 could open the door to further losses.