DOGE Drops 3% After May Rally, High Volumes and Whale Accumulation Signal Ongoing Interest

Dogecoin (DOGE) is currently trading at $0.21985 on Binance, reflecting a 3.21% decline over the past 24 hours, with a 24-hour opening price of $0.22713 and sustained high trading volumes around $1.4 billion. The recent price decrease follows a period of significant growth earlier in May, including an 8% surge on May 21 and a 43.96% monthly gain, which coincided with renewed investor interest and Bitcoin reaching an all-time high. However, the current downward movement appears to be driven by short-term profit-taking after the recent rally, consolidation in broader crypto markets, and mixed technical signals, with some analysts noting potential bullish patterns while others forecast further near-term declines. Additional factors include continued large-scale DOGE accumulation by major holders since January and ongoing promotional activity, such as Binance's South Asia exclusive campaign, which may support longer-term interest despite current short-term bearish sentiment.