The recent sharp decline has made market sentiment more sensitive, with some seizing the opportunity while others offloaded their holdings. Amid this, whales have been accumulating Dogecoin ( $DOGE ), the popular meme coin.
Whales Buy 750 Million DOGE
Recently, a prominent crypto expert shared a post on X, highlighting that during a recent dip, crypto whales purchased a significant 750 million DOGE coins, showing confidence in the meme coin. This substantial accumulation by whales signals a strong bullish outlook for investors. 
Despite this recent accumulation, DOGE has not experienced any major price changes. Currently, the meme coin is trading near $0.253, having dropped over 5.50% in the past 24 hours, suggesting a potential buying opportunity.
However, during the same period, its trading volume declined by 30%, indicating fear among traders and investors, leading them to stay away from participation.
$25 Million Worth DOGE Outflow
Despite lower participation, on-chain analytics firm Coinglass shows that long-term holders and investors continue to add meme coins. Data from the spot inflow/outflow reveals that exchanges have seen an outflow of over $25 million worth of meme coins, indicating potential accumulation.
This outflow suggests that long-term holders have moved assets off exchanges, which could create buying pressure and trigger a further upside rally.
Dogecoin ( $DOGE ) Price Action and Key Levels
According to expert technical analysis, DOGE appears bearish and in a downtrend, as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Based on recent price action and historical momentum, there is a strong possibility that it could face another 10% price drop to reach its next support at the $0.22 level in the coming days.
Based on Coinglass data, if the $DOGE price falls below the $0.246 level, nearly $8 million worth of long positions will be liquidated, as the bulls are over-leveraged at this level.
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