Dogecoin (DOGE) is currently trading at approximately $0.21, down 10% over the past month, and more than 4% in the last 24 hours, retreating 15% from a high of $0.245 on August 24. Whale frenzy: On-chain data reveals a wave of accumulation by large holders.
According to Santiment data, the average large transfer of Dogecoin (over $100,000) in August significantly increased, reaching the highest level in five months, indicating active accumulation by large holders and enhanced market confidence in the mid-term price outlook.
The number of wallets holding between 1 million and 10 million DOGE has increased by 33, totaling 4,288, indicating that large holders prefer to accumulate rather than sell.
Trump family's endorsement: A new chapter for the Dogecoin ecosystem
Recently, Thumzup, supported by the Trump family, acquired the Dogecoin mining company Dogehash Technologies, which could enhance the credibility of the Dogecoin ecosystem.
Grayscale has submitted a spot ETF application for Dogecoin, pending approval from regulatory authorities, which could positively impact the market.
Leveraged liquidations do not dampen bullish ambitions
Despite the overall market correction, some traders remain optimistic. Crypto trader James Wynn stated on platform X that although his 10x leveraged long position was liquidated, resulting in a loss of $22,627, he believes bearish sentiment has peaked and advises increasing bullish strategies.
Triangle breakout imminent: Dogecoin poised to rise by 35%?
Technical analysis shows Dogecoin's 4-hour chart is consolidating within a symmetrical triangle, maintaining an upward support line, which is a healthy consolidation signal. If it breaks upward, the price could rise to $0.285, about a 35% increase from the current level.
Despite the recent price pressure on Dogecoin, on-chain data indicates accumulation by large holders, combined with potential positive factors (such as ETF applications and notable investments), suggests that market sentiment and technical signals indicate a possible rebound in the short term. Close attention should be paid to breakout confirmations and regulatory developments.
