DOGE Faces Profit-Taking Pressure as Key Support Level Comes Into Focus

Dogecoin's recent rally may be hitting a snag as on-chain data suggests increasing profit-taking activity. With 84% of DOGE addresses now in profit—mirroring levels seen before July's 21% price drop—the meme cryptocurrency appears poised for potential correction. Exchange netflows have turned positive this week, signaling that traders are moving their coins to platforms likely in preparation for selling. The Spent Output Profit Ratio (SOPR) reached 1.045 on August 10, further indicating that investors are taking profits at current levels. As of August 12, 2025, market watchers are closely monitoring key support levels that could determine whether DOGE's bullish momentum can sustain or if a deeper pullback is imminent. The current situation presents a critical juncture for Dogecoin, balancing between continued upside potential and the risk of significant profit-taking from short-term holders.

Dogecoin Price Faces Profit-Taking Risk—Key Support Level in Focus

Dogecoin's recent rally may be nearing a pause as on-chain metrics signal growing profit-taking pressure. With 84% of Doge addresses now in profit—matching levels seen before July's 21% correction—the meme coin faces a familiar reckoning. Exchange netflows flipped positive this week, indicating traders are moving coins to platforms for potential sales.

The Spent Output Profit Ratio (SOPR) climbed to 1.045 on August 10, mirroring late July's peak that preceded sharp pullbacks. Glassnode data reveals this profit-taking pattern has historically triggered short-term downturns. Market participants now watch the $0.19 support level, which could determine whether DOGE consolidates gains or revisits lower valuations.

Dogecoin's Volatile Year: From Doubling Investments to Future Prospects

Dogecoin (DOGE) has demonstrated remarkable volatility over the past year, with a 119.3% surge since August 2024 despite recent corrections. The memecoin's 6.2% daily drop contrasts sharply with its 8.5% weekly and 12.4% monthly gains, showcasing its unpredictable yet lucrative nature for traders.

Elon Musk's continued endorsement has been a catalyst for adoption, with DOGE now accepted for Tesla merchandise and SpaceX satellite payments. Market speculation grows around potential integration into X's payment system—a move that could propel DOGE beyond its current 70% deficit from the 2021 peak of $0.7316.

The $1 price threshold remains a psychological benchmark for investors. Should DOGE reclaim its all-time high, analysts anticipate accelerated momentum toward this milestone, potentially delivering another multi-bagger opportunity akin to last year's performance.

Dogecoin Whales Accumulate Remittix Ahead of $20M Exchange Announcement

Dogecoin whales are making strategic moves behind the scenes, quietly accumulating positions in Remittix as the project nears a major exchange listing. While DOGE remains in the spotlight with a 230 million token accumulation spike—pushing prices from $0.20 to $0.23—analysts like Ali Martinez suggest a breakout toward $0.70 could materialize if key resistance levels are breached.

Remittix, a DeFi project with PayFi technology, is gaining traction without meme-driven hype. Its beta wallet release and Q3 launch timeline align with the exchange announcement buzz, hinting at utility-driven growth. Market watchers note this activity could signal a broader shift toward crypto assets with tangible use cases.