Dogecoin skilled a pointy retreat on August 24-25 after briefly spiking to $0.25, primarily pushed by huge whale exercise and distribution stress. A big issue was the switch of 900 million DOGE tokens (value over $200 million) to Binance wallets, which raised fast considerations about impending promote stress simply because the token hit key resistance ranges.
Regardless of earlier institutional accumulation all through August, the place whales had acquired over 680 million DOGE tokens, the timing of those giant transfers to exchanges coincided with fading momentum on the $0.25 resistance stage. The transfer means that some giant holders determined to take income at this psychological worth level, creating downward stress that overwhelmed the shopping for curiosity.
The broader macroeconomic atmosphere additionally contributed to the selloff, as threat belongings typically pulled again following commerce coverage headlines and hawkish central financial institution commentary. Futures open curiosity in DOGE dropped by 8%, indicating decreased speculative positioning regardless of the month’s whale accumulation exercise. Merchants are actually carefully watching whether or not the $0.23 stage will maintain as crucial assist, with potential for additional draw back if this stage fails.
This text is for informational functions solely and doesn’t represent monetary recommendation. Please conduct your individual analysis earlier than making any funding choices.
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Editor-in-Chief / Coin Push Dean is a crypto fanatic primarily based in Amsterdam, the place he follows each twist and switch on the earth of cryptocurrencies and Web3.