DOGE Price Drops 6% Amid Profit-Taking, Institutional Holdings Surge to Nearly 50%

Dogecoin (DOGEUSDT) experienced a 6.04% price decline over the past 24 hours, currently trading at 0.22493 USDT according to Binance. The drop is primarily attributed to profit-taking after a recent rally, increased resistance near the $0.2873 level, and mixed analyst sentiment regarding the likelihood of a major breakout. Despite the short-term pullback, institutional holdings have risen to nearly 50%, with over 2 billion DOGE accumulated in the 0.18 to 0.23 USDT range, and whale activity remains elevated, as evidenced by large transfers and increased open interest. The 24-hour trading volume is substantial, reflecting ongoing market interest, while Dogecoin maintains a robust market capitalization and active address growth.