Dogecoin Flatlines While Whales Gobble Up Discounted DOGE—Same Old Crypto Casino

Dogecoin’s price chart looks like a dead man’s EKG—no volatility, no momentum, just the eerie calm before the next pump-and-dump circus. Meanwhile, deep-pocketed traders are loading up on the meme coin at bargain prices, because nothing says ’sound investment’ like a Shiba Inu-themed gamble.

Whale-watching bots report surging accumulation in DOGE wallets—classic ’buy when there’s blood in the streets’ behavior, if the streets were a meme-fueled hallucination. Retail traders? Still bag-holding from the last hype cycle, naturally.

Will this end in another parabolic moonshot or a rug pull dressed as a ’community movement’? Place your bets—the house always wins.

Dogecoin price has stalled for two main reasons. First, there are signs of a rotation from traditional memecoins to newer ones on the Solana ecosystem. Its sluggish performance happened as top Solana meme coinslike Fartcoin (FARTCOIN) and POPCAT (POPCAT) surged. 

Second, Elon Musk has hinted that he will scale back his work for the Department of Government Efficiency as the Tesla stock has crashed. Exiting the DOGE project will not have a direct impact on Dogecoin. However, it may hurt sentiment among investors. 

Dogecoin price technical analysis

The daily chart reveals that the Doge price has moved sideways in the past few weeks. It has formed a symmetrical triangle pattern whose two lines are about to converge.

This triangle is happening after the coin crashed from $0.4815 in December. As such, there is a risk that it has formed a bearish pennant pattern. 

Therefore, the Dogecoin price may soon have a bearish breakdown, potentially to support at $0.10, which is down 43% from the current level. This bearish outlook will be invalidated if it moves above the 50% retracement level at $0.2796.

Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. The two software engineers were reportedly inspired by the popular “Doge” meme featuring a Shiba Inu dog. The coin, formed using Litecoin’s codebase, has seen surges in popularity thanks in part to endorsements from Tesla CEO Elon Musk.