DOGE Whales Double Down as Price Tests Key Support: Volatility Ahead

Dogecoin (DOGE) is experiencing a pivotal moment as whale accumulation reaches record levels amid a 4% price retracement following last week's 37% surge. With 81% of circulating supply now controlled by major holders, the meme cryptocurrency faces heightened volatility while testing critical support. This article analyzes the supply dynamics and technical indicators shaping DOGE's next move.

Dogecoin Whales Accumulate Amid Price Retracement

Dogecoin faces a 4% pullback as bullish momentum wanes following last week's 37% surge. The meme cryptocurrency now tests a critical support level, with technical indicators suggesting heightened near-term volatility.

Whale activity dominates DOGE's supply dynamics. Addresses holding over 10 million tokens now control 122.59 billion Doge - a staggering 81% of circulating supply. This accumulation reached record levels last Friday, contrasting sharply with retail investors' flatlined holdings below 10,000 DOGE.

The supply concentration raises questions about market stability. Large investors' growing dominance could amplify price swings, particularly as DOGE struggles to maintain its position above key technical levels. Retail participation remains subdued following June's sell-off, with no signs of renewed buying interest at current prices.

Dogecoin Volume Surges 75% as Traders Defend $0.26 Support

Dogecoin trading volume spiked 75% as buyers aggressively defended the $0.26 support level, with total turnover reaching 720.64 million and 717.84 million DOGE during key reversal periods—far exceeding the 24-hour average of 408.52 million. The meme cryptocurrency oscillated between $0.26 and $0.27 from July 22 to 23, reflecting a cautious market stance amid broader macroeconomic pressures.

Two sharp reversals characterized the session: an initial dip to $0.26 followed by a rebound, and a final-hour surge met with a high-volume rejection at $0.27. The repeated defense of $0.26 suggests algorithmic or tactical demand, while the $0.27 resistance remains a stubborn ceiling. Technical indicators like RSI and MACD show neutrality, but on-chain activity hints at accumulation beneath the surface.

Dogecoin Price Prediction: Major Upgrade Proposal Could Change Everything for DOGE – $1 Just the Beginning?

Dogecoin's price has retreated to $0.2591 amid broader market sluggishness, yet retains impressive weekly and monthly gains of 29% and 69% respectively. The meme token's 90% annual surge underscores its resilience.

A transformative upgrade proposal could propel DOGE further. The MyDoge wallet team's plan to integrate zero-knowledge proof compatibility WOULD enable zk-rollups, potentially solving Dogecoin's scalability constraints. This technical leap positions the network for institutional-grade utility.

The OP_CHECKZKP proposal marks Dogecoin's most significant protocol evolution since its inception. By verifying off-chain computations on-chain, the upgrade could catalyze Layer-2 development and mainstream adoption.