Dogecoin news: DOGE price reaches $0.23 due to whale purchases, but the supply zone limits the breakout
Key Points
$200M in DOGE bought in 24 hours as whales added more than 1 billion tokens.
The support at $0.22 held in multiple re-tests with defense backed by volume.
$0.23 resistance activated for profit-taking and institutional selling towards the close.
Dogecoin (DOGE) rose 4% in the last 24 hours, touching $0.23 on August 9 before selling pressure at the end of the session caused prices to retreat to $0.227. The movement was driven by aggressive accumulation by whales, but the upward momentum stalled at a well-defined supply zone above $0.23.
Whales accumulate over 1 billion DOGE
On-chain data showed over $200 million in DOGE accumulated in the last 24 hours, dominated by purchases from large holders. The $0.22 level — tested multiple times during the session — held firm with high supply volume, attracting leveraged long positions from traders anticipating a breakout.
Ownership by large holders is now close to 50% of the circulating supply, marking one of the highest whale concentration levels this year.
The resistance at $0.23 drives profit-taking
DOGE traded within a range of $0.01 — from $0.22 to $0.23 — with an intraday volatility of 5%. The upward movement was limited to $0.23 during the hour of 14:00 UTC, where volume peaked at 780.9 million and sellers took control.
In the last hour of trading, institutional flows turned back to net sales. DOGE fell 1% from $0.23 to $0.227 between 02:39 and 03:38 UTC, triggered by a sell order of 11.4M followed by an increase of 24.1M in sales volume.
Technical Outlook
Support: $0.22 remains the key defense level backed by strong buying at the start of the session.
Resistance: $0.23 supply zone reinforced by high selling pressure.
Breakout trigger: surpassing the $0.23 level could open space towards $0.25 in the short term, but sustained accumulation by whales is needed to absorb supply.
What Traders Are Watching
If the $0.22 support holds in the next re-test amid continued whale activity.
Possible breakout above $0.23 if supply is exhausted.
Wider sentiment of meme coins and risk flows in the cryptocurrency market.