Dogecoin Bleeds Red—But Whales Just Dropped $16.91M on the Dip

Dogecoin’s price tanks—again. Retail panic sets in as the meme coin flounders, but someone’s loading up the truck.

Behind the scenes: $16.91 million in buy orders just cleared. Either the ’dumb money’ got smart, or Wall Street’s playing with meme stocks again. Place your bets.

Funny how ’irrational exuberance’ only applies to retail traders, isn’t it?

Strong resistance level ahead for the price

DOGE hit a critical resistance level that, on five prior occasions, triggered retracements. Only once did price hold above it.

Source: TradingView

Except for the third occasion, Doge hasn’t recorded any major price decline—a possibility that might remain, as other metrics support a move upward.

Analysis of spot market trader activity showed that buying increased since the last time DOGE traded into the demand zone.

Source: CoinGlass

As of press time, traders recently acquired $16.91 million worth of DOGE, as indicated by the Exchange Netflow.

This Netflow not only confirmed the purchase, it also confirmed that these spot traders are buying for the long term, as they’ve moved their assets from exchanges to private wallets.

On top of that, DOGE’s Open Interest Weighted Funding Rate has continued to rise, now up 0.0047%.

Source: CoinGlass

The metric trading in the positive region confirmed that running contracts in the market are still mostly dominated by long traders.

With growing interest from both spot and futures traders, DOGE could regain its earlier upward trajectory.

Liquidation heatmap hints at DOGE’s move

In fact, DOGE’s Liquidation Heatmap shows an active cluster above the current price. The yellow zone reflects nearly $1.4 million in potential liquidations.

Source: CoinGlass

Historically, prices are drawn toward high liquidation levels such as this.

If this plays out, it could act as a major catalyst for an upward price trend, with the memecoin recording further gains.