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2 months ago
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The meme token slides from $0.22 to $0.21 in the August 28–29 window, with $200 million in exchange inflows adding pressure amid broader market caution.
Updated Aug 29, 2025, 2:27 p.m. Published Aug 29, 2025, 2:27 p.m.
(CoinDesk Data)
What to know:
- A whale transferred 900 million DOGE to Binance, raising concerns about potential distribution by long-term holders.
- DOGE's price fell 5% in a 24-hour period, with institutional selling evident as support at $0.22 was breached.
- Traders are closely watching the $0.21 support level, with a break potentially exposing $0.20.
News Background
- Between August 24–25, a whale shifted 900 million DOGE (worth over $200 million) to Binance, sparking fears of distribution from long-term holders.
- Corporate treasuries and institutional funds have reduced meme-coin exposure as regulatory uncertainty and global macro headwinds mount.
- Network security strength remains elevated, with Dogecoin’s hashrate topping 2.9 petahashes per second, reflecting robust mining participation despite price volatility.
- Broader crypto markets remain supported by expectations of Fed policy easing, but DOGE continues to lag majors like BTC and ETH.
Price Action Summary
- DOGE fell 5% during the 24-hour session from August 28 at 09:00 to August 29 at 08:00, sliding from $0.22 to $0.21.
- The token traded within a narrow $0.011 range, marked by a high at $0.23 and a low at $0.21.
- Institutional selling was evident, with 626.3 million tokens transacted during morning trade as $0.22 support gave way.
- The sharpest move came in the 07:24–08:23 GMT hour on August 29, when DOGE dropped 0.57% from $0.22 to $0.21 on a 27.36 million spike in volume.
Technical Analysis
- Support: Initial stability around $0.22 was lost; $0.21 now serves as the immediate floor.
- Resistance: $0.23 remains the near-term cap, repeatedly rejecting rallies.
- Momentum: RSI hovers near mid-40s, showing neutral-to-bearish bias with limited upside strength.
- Volume: Daily turnover exceeded 280.5 million tokens; institutional flows were concentrated during peak selling phases.
- Indicators: MACD lines are diverging bearishly, suggesting further downside risk unless price reclaims $0.22.
- Pattern: Tight $0.21–$0.23 corridor signals consolidation, but repeated lower highs point to a potential continuation lower.
What Traders Are Watching
- $0.21 as the critical support — a break risks exposing $0.20.
- A push through $0.23 could reframe near-term momentum and open the path toward $0.25–$0.30.
- Monitoring whale exchange inflows after the $200 million transfer to Binance.
- Futures open interest trends, down 8% earlier this week, as a gauge of speculative conviction.
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