Dogecoin (DOGE) Plunges 18%—But Whales Gobble Up 310 Million Tokens in Bold Accumulation Move

Dogecoin’s price takes a nosedive—down 18%—while crypto whales seize the dip, snapping up 310 million DOGE. Is this the calm before the next meme-fueled rally, or just another day in the casino of speculative assets?

Whales Bet Big on DOGE Dip

While retail traders panic-sell, deep-pocketed investors are loading up on Dogecoin at discounted prices. The 310 million token accumulation suggests confidence—or at least a high-stakes gamble—in the meme coin’s rebound potential.

Market Irony at Its Finest

Nothing says 'modern finance' like a Shiba Inu-themed cryptocurrency swinging wildly as whales play volatility like a fiddle. Meanwhile, traditional investors still wonder if this is all an elaborate joke.

TLDR

• Dogecoin whales accumulated over 310 million DOGE worth $73 million during a recent price dip
• DOGE fell 18% in the July 23-24 trading session with over 2.26 billion tokens traded
• The decline follows an 84% rally over four weeks before the correction began
• Technical analysis suggests DOGE is retesting support levels after breaking out of a 146-day ascending channel
• Key support sits at $0.23 with resistance at $0.25, while analysts eye potential targets near $0.48

Dogecoin price experienced a sharp 18% decline during the July 23-24 trading session. The selloff occurred with intense volume exceeding 2.26 billion tokens.

Trading activity peaked between 13:00-17:00 GMT on July 23. Multiple rejection attempts occurred at the $0.25 resistance level during this period.

The final trading hour saw an additional 1.45% drop. Doge fell from $0.24 to session lows as selling pressure continued.

Despite the price decline, large Dogecoin holders have been accumulating tokens. Market analyst Ali Martinez reported that whales holding between 100 million and 1 billion DOGE purchased over 310 million tokens.

This accumulation represents over $73 million in value at current prices. The buying activity occurred over a 48-hour period following the recent dip.

These whale addresses now hold 25.42 billion DOGE following their recent purchases. The accumulation began with a spike on July 17 and continued consistently over the past two days.

Technical Analysis Points to Retest

The current Dogecoin price action follows an 84% rally over the past four weeks. DOGE rose from $0.1514 on June 23 to a high of $0.2786 before the recent correction.

Martinez identified the correction as a retest of a double-bottom pattern neckline. The pattern formed when DOGE fell below $0.2577 support in February.

Over 310 million dogecoin $DOGE have been swallowed up by whales in the past 48 hours, signaling major accumulation after a brief profit-taking dip. pic.twitter.com/ftWYPPhzCL

— Ali (@ali_charts) July 23, 2025

The bearish trend continued until April when DOGE reached a low of $0.1298. A subsequent rally in May tested the $0.2577 level again but failed to hold.

DOGE dropped to $0.1430 in June before resuming its upward movement. The token finally broke above the $0.2577 resistance level with its close at $0.2745.

Current Market Conditions

At the time of writing, DOGE trades at $0.2334, having broken below the neckline support. Temporary support emerged at $0.23 during the selloff but failed to sustain recovery attempts.

The $0.25 level has established itself as firm resistance following multiple rejection attempts. High volume accompanied each rejection, suggesting institutional selling pressure.

Technical indicators show the hourly RSI remains in oversold territory. However, analysts note the lack of bullish divergence confirmation at current levels.

Volume analysis suggests institutional-led exits rather than retail panic selling. The elevated trading volumes mark some of the highest activity in recent weeks.

Traders are monitoring the $0.23 support level as a key pivot point. A breakdown below this level could extend the decline toward $0.21.

Conversely, reclaiming $0.25 on sustained volume may indicate reversal potential. Martinez’s analysis suggests DOGE could target levels around $0.4846 upon successful retest completion.

The broader crypto market remains fragile due to macroeconomic concerns. Global trade tensions and policy uncertainty continue to drive risk-off sentiment across altcoins.

DOGE Price currently trades at $0.2334 with support at $0.23 and resistance at $0.25.