Dogecoin (DOGE) experienced significant whale accumulation with over $85 million withdrawn from Bithumb exchange in a coordinated manner, while overall exchange data showed net outflows. Despite this buying activity, the memecoin’s price declined over 4% and is testing key technical support levels, with analysts watching for a potential breakout.
Dogecoin’s price declined by more than 4% in the past 24 hours despite a shift in participant behavior following its recent corporate restructuring. The memecoin saw immediate aggressive buying activity after this move.
According to Whale Alert, well over 900 million DOGE tokens, valued at about $85 million, were withdrawn from the Bithumb exchange. Before this withdrawal, addresses received DOGE tokens in bits of 50 million, then moved them in three transactions of 300 million DOGE each, all within 30 minutes, indicating structured accumulation.
Apart from this whale accumulation from Bithumb, retail traders were also buying DOGE from other CEXs like Coinbase, Binance, and HTX. Data shows 40.75 million DOGE entered exchanges while 119.8 million coins left, resulting in a net outflow of $7.4 million. From both activities, it was evident the memecoin was under an intense accumulation trend.
The charts confirmed this accumulation trend even though it was bearish in structure. The Money Flow Index (MFI), at 55, confirmed that capital was flowing into the memecoin’s market, while DOGE has been defending $0.090 since mid-March. The Bollinger Bands (BB) on the daily chart were squeezing, a compression that often precedes expansion and could signal a major upward price swing.
The outcome is dependent on reclaiming the band at $0.0937 as a support. There was confluence on the 4-hour and daily timeframe charts, which were all at support levels, suggesting the memecoin had potentially reached its bottom. The liquidation heatmap showed that longs were being wiped out, amplifying the price drops. CoinGlass data mentioned that only defending the $0.09 support level would reduce the long squeezes keeping DOGE under pressure, while massive short positions to the upside could fuel a move if accumulation sparks a breakout.
