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- Whale wallets now hold over 122.59 billion DOGE, making up 81% of the total supply, while retail investors remain on the sidelines.
- Dogecoin has dropped for three consecutive days, struggling to stay above $0.2867 and testing key support near $0.2590.
Leading memecoin Dogecoin slipped on Wednesday. This happened even as whale wallets continued to accumulate more DOGE. The popular memecoin is now facing renewed selling pressure, and it is struggling to maintain the momentum from last week’s 37% surge.
Whales Accumulate as Retail Investors Stay Cautious
It is worth noting that, despite the price decline, large investors continue to pile in. Data from Santiment shows that addresses holding more than 10 million DOGE now control 122.59 billion coins. That is 81% of the total supply. Last Friday, reports indicate that they reached a new record of 122.69 billion.
Smaller holders are not following the same path. Wallets with less than 10,000 DOGE have not moved much, staying flat around 2.37 billion tokens. That is down from 2.47 billion DOGE recorded earlier in the month, showing retail investors are still hesitant after cashing out.
It is essential to say that the imbalance between whale accumulation and retail hesitation shows a growing divide in sentiment. While major investors continue to bet on Dogecoin upside, the broader market remains uncertain. The strong grip of whales over DOGE’s circulating supply means they are now significant drivers of any future price swings.
Meanwhile, as noted in our earlier update, Dogecoin had already gained over 10% this month. Some analysts believe it could go as high as $1.16, a 559% increase from where it is now. Based on this trend, that upside might be what is keeping whales interested.
DOGE Pulls Back from Resistance as Momentum Slows
Dogecoin price action has turned bearish again this week. On Wednesday, the coin traded lower for the third straight day, shedding over 4% intraday. The recent rejection at $0.2867, a key resistance touched on Monday, marks a sharp shift in market direction.
DOGE is now down 5.49% in 24 hours and is testing the $0.2590 support zone, which aligns with the May 11 high at $0.2597.
A breakdown below this level may open the door for a deeper decline. This is possibly toward the next support near $0.2145, last seen on July 15.
Technical signals also point to a cooling trend. The MACD on the daily chart is flattening, and the green bars on the histogram are fading. The RSI is down to 82, still overbought but no longer as strong as it was a few days ago.
However, not all signs are negative. The 50-day Exponential Moving Average (EMA) has crossed above the 100-day EMA, indicating short-term strength. Likewise, the 50-day EMA is approaching the 200-day EMA. Basically, this suggests a possible Golden Cross formation. This is a pattern often linked to longer-term upward trends.
Meanwhile, CNF reported that Bitwise Asset Management has filed amended S-1 forms with U.S. regulators to propose spot exchange-traded funds (ETFs) for Dogecoin and Aptos. While these filings are still under review, they indicate that DOGE is beginning to draw more attention from institutional investors.
