Large Dogecoin holders have demonstrated renewed interest in the meme coin despite current price challenges. According to Santiment data, wallets holding between 10 million and 100 million DOGE have accumulated approximately 180 million tokens during the latest market drawdown. Their total holdings of the DOGE supply increased from about 11.85% to 11.97%, though this remains below late-July levels, suggesting the accumulation represents renewed interest rather than a sustained buy trend. The increase points to renewed accumulation, but it does not yet establish a sustained buying trend because balances remain below their recent peak, while some addresses may belong to exchanges or custodians, leaving the reason for the increase unclear.
Dogecoin is currently trading near $0.0708, positioned in the middle of its 20-day Donchian Channel. The nearest breakout boundary sits at the upper level of $0.074, while support remains at the lower boundary near $0.0676. As reported by AMBCrypto, an early bullish crossover of the MACD has occurred, with the MACD moving above its signal line, though all indicators remain underneath zero, suggesting the price is gaining momentum within a bearish framework rather than truly reversing the trend. The Money Flow Index stands at 34.07, indicating relatively subdued buying pressure, while DOGE remains well below its 200-day moving average of ₹0.0915.
The derivatives market shows mixed signals with improving positioning but limited leverage. According to CoinGlass data, DOGE open interest is hovering near $1.17 billion, while the OI-weighted funding rate remains positive for the most part since July. The funding rate has remained below 0.01%, which is typically not overheated territory, suggesting that leveraged traders are positioned towards the long side of the market. However, elevated open interest could still amplify liquidations if support fails, as the long bias is clear in the current setup.
The latest setup follows a period in which large-holder balances had been higher in late July before slipping, while DOGE recently fell enough to test the lower part of its short-term range. That history leaves the current rebound dependent on whether whale accumulation turns into broader spot demand. A daily close above $0.074 would improve the breakout case and potentially see bulls pushing prices towards $0.08, while failure at $0.0676 would weaken the rebound and reopen a test of recent lows. The combination of whale accumulation and positive derivatives positioning suggests potential for a move above $0.074, but stronger spot demand is needed to sustain any meaningful rally.
