The global cryptocurrency market is witnessing an impressive recovery today (August 8), with the total market capitalization rising 3.59% to $3.87 trillion. While Bitcoin only increased slightly over 2%, altcoins are leading the price trend, indicating strong capital inflows into alternative assets.

Ethereum And XRP Lead The Increase

Ethereum (ETH) has risen over 7%, surpassing the $3,900 mark, marking one of the highest levels in recent months. Meanwhile, XRP recorded an increase of nearly 13% following the positive news that a lawsuit related to Ripple has been dismissed, raising hopes for legal clarity for this coin.

Other major altcoins such as Dogecoin (DOGE), Cardano (ADA), and Solana (SOL) have also seen significant increases. Notably, Stellar (XLM) stands out as it has risen over 16%, leading the growth rankings for the day.

Dogecoin Attracts Whale Attention

However, the spotlight today belongs to Dogecoin (DOGE) – the famous meme coin that is witnessing a strong buying wave from whales.

According to analyst Ali Martinez, in just the past 24 hours, large addresses have purchased over 230 million DOGE. Previously, on August 6, an amount of more than 1 billion DOGE was also accumulated by whales in just one day.

Martinez also stated that Dogecoin is currently trading in a “strong buying zone” – a price range that has previously triggered major uptrends in earlier market cycles.

DOGE Technical Analysis: Price Has Surpassed Important Resistance

As of now, Dogecoin is trading above the $0.218 mark, marking an increase of over 8% for the day. More importantly, DOGE has surpassed the strong resistance at $0.216, opening up the possibility for a new recovery.

According to technical analysis, DOGE has maintained a crucial support zone from $0.165 to $0.202 – a foundational area that helps sustain the short-term uptrend. Last weekend, DOGE fell near $0.19, but strong buying pressure helped the coin rebound quickly.

Dogecoin Price Prediction Today – August 8

If the current uptrend is maintained with increased trading volume, DOGE has the potential to approach the next resistance zone from $0.209 to $0.22. A decisive break above this price range could pave the way for DOGE to surge straight to the target zone of $0.28–$0.29, a price that has not been reached in many months.

Conversely, if it cannot maintain above the $0.216 mark, Dogecoin may face selling pressure again, with the risk of a correction down to around $0.16.

Divergent Sentiment Among Whales

Although whales are pouring money into DOGE, XRP – the strongest-performing altcoin today – is witnessing selling activity from large wallets, according to a report from CoinEdition. This indicates a clear market sentiment divergence, and investors should closely follow the behavior of large capital flows to adapt their trading strategies.

Summary

Dogecoin is at a decisive moment, as strong accumulation behavior from whales coincides with positive technical signals. If the price can maintain above $0.216 and break through the $0.22 zone with clear buying pressure, a new price surge may begin – restoring DOGE's role as the “king of memes” in the cryptocurrency market.