Dogecoin (DOGE) Price: 420 Million DOGE Dumped by Whales — Is a Bigger Drop Coming?

TLDR

• DOGE has fallen below $0.0850 for four straight days, sitting below its 50-, 100-, and 200-day EMAs
• DOGE ETFs recorded a $200,580 inflow on Wednesday after 10 consecutive days of zero flows
• Open Interest dropped 7% in 24 hours to $1.10 billion, with $4.81 million in long liquidations
• Analyst Ali Charts flagged that 420 million DOGE were distributed by whales in the last seven days
• Analysts point to a potential golden cross on the 4-hour chart and a long-term “step ladder” pattern with a target above $2.80

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Dogecoin is trading below $0.0850 on Thursday, marking its fourth consecutive day of losses. The meme coin has failed to hold the $0.09 level and continues to slide lower as retail interest fades.

Dogecoin (DOGE) Price

The broader crypto market has been shifting its focus toward utility-based tokens, including those tied to tokenization, privacy, and AI. This rotation appears to be pulling attention away from Dogecoin.

According to CoinGlass data, DOGE’s Open Interest has dropped 7% over the past 24 hours to $1.10 billion. That signals fewer active traders are taking positions in the coin.

Liquidation data tells a similar story. Long liquidations hit $4.81 million in the same period, compared to just $577,030 in short liquidations. This means traders who bet on price gains are being wiped out at a much faster rate.

The funding rate remains positive at 0.0056%, which shows that some traders still expect a recovery. But that optimism hasn’t translated into price action.

Whale Distribution Adds Pressure

Crypto analyst Ali Charts posted on X that 420 million DOGE have been distributed by whales over the past seven days. Large holders selling or moving coins in this volume can add downside pressure to the price.

On the ETF side, DOGE-focused funds recorded a $200,580 inflow on Wednesday. That broke a streak of 10 straight days with zero flows, but the amount is small and unlikely to shift retail sentiment on its own.

Technically, DOGE sits below its 50-, 100-, and 200-day Exponential Moving Averages, which all act as overhead resistance. The 14-day RSI is near 35, showing weak demand but not yet in oversold territory.

The MACD is close to its signal line, pointing to modest downside momentum within an overall bearish structure.

Analysts Watch for Potential Reversal Setups

Not all signals are bearish. Analyst Emilio Crypto Bojan says DOGE is close to forming a golden cross on the 4-hour chart, where the 50-period moving average is nearing a cross above the 200-period moving average.

If confirmed, Bojan’s chart points to possible upside targets at $0.18, $0.29, $0.45, $0.58, and $0.70. Moving average crossovers can lag price and are not guaranteed to play out.

Separately, analyst Javon Marks highlighted DOGE’s recurring “step ladder” pattern on the weekly chart. He argues the coin is in a stagnation phase similar to setups that preceded major rallies in 2017 and 2021.

Marks projects a move of roughly 3,058% from current levels, which would push DOGE above $2.80. His chart shows two prior cycles that gained 9,400% and 30,600% respectively before running into resistance.

Immediate support sits at the June 6 low of $0.07766, with $0.0700 and $0.0641 below that. Resistance is at $0.09, the 50-day EMA near $0.094, and the 100-day EMA near $0.0997.

The most recent data point: DOGE’s Open Interest stands at $1.10 billion following a 7% drop in the last 24 hours, with long liquidations continuing to outpace shorts.

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