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The dormant whale accumulated 15.1 million DOGE worth $2.95 million, showing new long-term confidence despite subdued retail sentiment. What do on-chain metrics reveal?Spot taker CVD and bid-ask delta remain negative, confirming continued seller dominance below the $0.20 support zone. Dogecoin [DOGE] has been facing continued bearish pressure since falling from $0.30 a month ago to $0.30 now. The memecoin monthly chart is down 13.2%, trading at $0.1969 at press time, with a daily decline of 0.88%. Despite the weakness, major shareholders appear to be quietly accumulating. The Dogecoin whale returns after 11 months of dormancyAccording to on-chain footage, the Dogecoin whale, which had been dormant for 11 months, returned and withdrew 15.115 million DOGE worth $2.95 million from Binance. Source:X The whale also sold 7,473 DOGE for $1,450, and the address currently holds 15.19 million DOGE worth $12.96 million. The reactivation of dormant whales often reflects “smart money” confidence in mid- to long-term recovery. This suggests that large investors see value in the current price range and expect the next phase of the market to turn bullish over time. Retail traders continue sellingWhile whales are buying, retail investors are doing the opposite. Historical data shows that hibernation in whale activity often coincides with a decline in retail participation. According to data from CryptoQuant, spot trader CVD has remained negative throughout October, confirming that traders continue to focus on selling. This indicates strong selling pressure on spot traders. Source: CryptoQuant In addition to this, Coinalyze data shows that the bid-ask spread has been negative for most of the past 30 days. As of press time, DOGE's selling volume was 156.67 million, while buying volume was 154.88 million, resulting in a negative delta of DOGE of 1.79 million. This ongoing imbalance highlights the persistence of bearish sentiment despite continued accumulation of whales’ holdings. Source: Coinalyze DOGE faces key resistance at $0.20According to AMBCrypto, Dogecoin remains stagnant as bulls and bears battle for control of the market. Although on-chain prices continue to rise, price action is struggling to break through key short-term resistance levels. DOGE is trading below its 20, 50, 100 and 200 EMA lines, confirming a strong bearish bias. The signal is further reinforced by the Directional Movement Index (DMI), which is near 12 in the positive direction and 39 in the negative direction. Source: TradingView To reverse the trend, buyers would have to push the price above the 20-day EMA ($0.20) before regaining the 50-100 EMA range near $0.21. As a result, the price may rise to $0.22 in the medium term. If sellers maintain dominance, DOGE may continue to trade sideways between $0.17 and $0.20, leading to an uncertain overall trend. |
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