Dogecoin (DOGE) Dips, Whales Gobble 352 Million Tokens: Signal or Trap?

Price drops, wallets fill. While Dogecoin's chart flashes red, a select group of deep-pocketed investors just executed one of the largest accumulation sprees of the year.

The Whale Watch

Forget the retail panic. Blockchain trackers lit up as addresses holding millions—the so-called 'whales'—scooped up a staggering 352 million DOGE during the latest downturn. That's not pocket change; it's a strategic bet worth tens of millions, placed precisely when sentiment turned sour.

Decoding the Move

This isn't random buying. Whale accumulation on this scale during a price decline typically signals one of two things: a calculated belief that the asset is severely undervalued, or a coordinated effort to establish a formidable support level before the next leg up. It's the ultimate contrarian play—buying when the crowd is selling.

The Retail Conundrum

Meanwhile, the average investor faces the classic crypto whiplash. The price action screams 'sell,' but the on-chain data whispers 'accumulate.' It's the perennial tension between following the chart and following the smart money—a tension that usually ends with one group funding the other's profits. After all, someone has to buy the top for the whales to sell into.

The Bottom Line

Dogecoin's market is telling two stories. The spot price narrative is one of decline. The on-chain narrative, written in 352 million newly acquired tokens, is one of aggressive confidence. Whether this is a genius bottom-fishing expedition or just another round of wealthy gamblers doubling down on a meme remains the billion-dollar question. In crypto, the 'smart money' is often just the money that hasn't been lost yet.

TLDR

• Dogecoin is trading near $0.137, remaining trapped in a descending channel below all major moving averages after declining with Bitcoin
• Open interest in DOGE futures jumped 4.64% in 24 hours while price dropped nearly 2%, suggesting traders are opening new short positions
• The Federal Reserve’s 25-basis-point rate cut and inflation concerns triggered a broader crypto market selloff that hit memecoins hardest
• Technical analyst Ali Martinez identifies support levels at $0.10 and $0.062, but also sees potential for 53% upside to $0.21 if a descending triangle pattern plays out
• On-chain data shows the Network Value to Transaction ratio fell 14% over the past quarter, while whale activity remains mixed with some accumulation beneath current prices

Dogecoin price currently sits near $0.1367 after falling alongside Bitcoin as traders reduce risk exposure across the cryptocurrency market. The memecoin has lost ground steadily over recent sessions, testing a key support zone while sellers maintain control of the broader trend structure.

The latest decline followed the Federal Reserve’s decision to cut interest rates by 25 basis points. While markets expected the move, divisions among policymakers and renewed inflation worries sparked a risk-off response across multiple asset classes.

Bitcoin dropped below $90,000 over the weekend, creating additional pressure on higher-risk segments of the crypto market. Memecoins underperformed during this period, with Dogecoin seeing accelerated selling despite no DOGE-specific negative news. The move reflected broader positioning changes rather than fundamental developments.

Trading volume surged 87% over the last 24 hours as Doge fell nearly 2%. The dog-themed memecoin appeared set to end the week with losses, reversing earlier gains from the start of the week.

Speculative activity increased during the decline. Open interest in DOGE futures ROSE 4.64% in the last 24 hours according to CoinGecko data. When open interest rises while spot price falls, it typically indicates traders are opening new short positions, reflecting bearish sentiment.

However, Binance data shows the percentage of traders positioned long on DOGE increased from 68% to 70% over the same period. This creates a mixed picture of trader positioning across different platforms.

Technical Structure Points to Continued Weakness

On the daily chart, DOGE continues trading within a descending structure that has guided price lower since the October peak NEAR $0.31. Each recovery attempt over the past two months has failed beneath falling resistance.

$Doge/4-hour#Dogecoin is testing the lowest part of the lower boundary of the rangehttps://t.co/60BYKJpQMU pic.twitter.com/BBNNR0ye0V

— Trader Tardigrade (@TATrader_Alan) December 14, 2025

Price remains below all major moving averages. The 20-day exponential moving average sits near $0.144, while the 50-day EMA is around $0.159. The 100-day and 200-day EMAs stand far overhead at $0.179 and $0.194 respectively.

The Parabolic SAR indicator remains above price, adding to downside pressure. Until DOGE reclaims at least the 20-day EMA, any bounce lacks structural confirmation.

Support is currently defined by the $0.137 to $0.135 zone. This level aligns with recent session lows and a prior consolidation base from early April. A break below WOULD expose the $0.130 level, followed by deeper downside toward $0.120 if selling continues.

On shorter timeframes, downside momentum appears to be slowing. The one-hour chart shows DOGE trading inside a downward-sloping channel, but selling pressure has eased near the lower boundary. The Relative Strength Index has rebounded from oversold conditions and now sits in the low-to-mid 50s.

Analyst Identifies Key Price Levels

Technical analyst Ali Martinez identified potential support levels at $0.10 and $0.062 for the memecoin. Martinez also spotted a descending triangle pattern on DOGE’s 3-day chart, projecting a potential rebound to $0.21, representing about 53% upside from current prices.

Dogecoin $DOGE could find support at $0.10 or $0.062. pic.twitter.com/QPG2G14w5d

— Ali (@alicharts) December 14, 2025

The Moving Average Convergence Divergence indicator flashed a “Buy” signal for DOGE according to TradingView. The Bull Bear Power indicator, which measures strength of buyers versus sellers, shows a “Neutral” reading.

On-chain data presents a mixed picture. The Network Value to Transaction ratio declined roughly 14% over the past quarter, suggesting improved transaction activity relative to market value. However, October data showed a spike in NVT to a three-month high near 93.4.

The Market Value to Realized Value ratio remains depressed, with a growing share of addresses sitting at a loss. Whale behavior also shows uncertainty, with some large holders reducing positions since October while others accumulated in recent weeks. A transfer of 352 million DOGE from Bybit to unknown wallets suggests selective accumulation, though this has not yet translated into price strength.

For intraday momentum to improve, DOGE needs a sustained MOVE above $0.140, marking the midpoint of the current range and first test of short-term resistance.