Dogecoin traded near $0.073, its lowest area since November 2023, after a whale bought 200 million DOGE and derivatives activity increased sharply. The purchase, worth about $14 million, arrived as the token remained 90% below its 2021 record and extended a 19-month downtrend.
Elon Musk also liked a DOGE meme for the first time in months. However, no wallet data connects him to the whale transaction.
An unidentified whale bought 200 million DOGE through Robinhood on July 19. The transaction drew attention as meme coin dominance fell to a two-year low. At the same time, futures volume rose 114% to about $740 million. Open interest also climbed above $1.1 billion as traders positioned for a possible reversal.
Still, open interest later eased slightly. Spot taker CVD briefly favored buyers before that demand weakened, leaving the derivatives picture mixed. The weekly TD Sequential indicator also printed consecutive buy signals. Analyst Ali Martinez said similar clusters have often appeared before strong rallies across cryptocurrency markets.
However, the indicator does not guarantee a rebound. The price barely moved after Musk liked a reply featuring the Swole Doge meme. Could whale demand and weekly buy signals overcome weak institutional interest and broader market pressure?
US spot Dogecoin ETF inflows peaked near $2.5 million per day in early January, when DOGE traded around $0.15. Since then, inflows have weakened and become irregular. Early July recorded an outflow of about $871,000, the second largest in the products’ history.
Net flows then stayed near zero for roughly two weeks. The two funds hold about $20 million in combined assets, only slightly above their launch levels. As a result, current demand comes mainly from whales and leveraged traders rather than regulated funds. Meme coins have also faced heavy selling on Binance since Bitcoin’s October peak.
Meanwhile, Bitcoin failed to hold above $66,500. That weakness kept risk appetite low across major altcoins and offered Dogecoin little support. Dogecoin also remains below $0.088, a former support zone. Buyers would need to reclaim that level before the chart develops a stronger recovery structure.
Also Read: Dogecoin Volume Surges While Rare Buy Signals Point to Recovery
Dogecoin has consolidated near $0.073 after several quiet sessions. Short-term forecasts point to limited movement unless market volume increases. Support stands at $0.0722, $0.0712, and $0.0705. Meanwhile, resistance sits at $0.0740, $0.0746, and $0.0757.
The 50-day moving average continues to slope lower, reflecting the wider downtrend. Still, the weekly TD Sequential buy signal remains active. The bullish setup requires DOGE to defend $0.0705, attract stronger volume, and close the week above $0.0754. That move could open a path toward $0.0793.
Otherwise, the base case remains sideways trading between $0.0705 and $0.0755. A break below support would leave sellers in control.
Dogecoin remains near its lowest level since November 2023, despite a 200 million DOGE whale purchase and stronger derivatives activity. Weak ETF demand and resistance near $0.0757 still limit momentum. Traders should watch the $0.0705 support and weekly close for clearer confirmation of the next move.