Dogecoin holds above $0.080 as whale selling pauses, bears linger

Dogecoin hovered just above the $0.080 support line on Tuesday, edging toward $0.085 despite a broader risk‑off mood in crypto markets. The price rise, under 1%, came as large “whale” wallets slowed their profit‑taking, giving the token a brief respite from selling pressure.

On‑chain data from Santiment shows wallets holding more than 1 billion DOGE—typically exchange‑controlled—now own 47.14% of the supply, up from 45.73% on April 25. Meanwhile, the “influential” whale cohort (10 million‑to‑1 billion DOGE) fell to 35.01% from 36.37%, indicating a slowdown in active distribution. This pause in whale off‑loading coincided with a sharp drop in the percentage of DOGE supply that is in profit, which fell to 37.85% from a May 14 high of 58.01%. The shrinking profit pool suggests more holders are sitting at a loss, a factor that typically dampens buying enthusiasm.

Retail participation remained muted, with futures open interest (OI) stuck around $1 billion—the lowest level since March 24—signaling that traders are pulling back from leveraged positions. The bearish technical picture persisted: the MACD stayed below zero, and the 50‑day EMA sits at $0.0973, well above current prices. Yet the RSI nudged up to roughly 50, hinting that downside momentum may be easing.

If DOGE can defend the $0.080 floor, the next hurdle is the former support‑turned‑resistance at $0.0897. A clean break above that level could open a path toward the 50‑day EMA and, eventually, the $0.10 mark that analysts cite as a meaningful bullish target. Conversely, a slip below $0.080 would likely trigger a move toward $0.0776 and deeper downside territory.

The current rally appears fragile—a short‑term relief bounce rather than a sustained uptrend. With retail sentiment weak, futures participation low, and technical indicators still bearish, the market will watch closely whether DOGE can muster enough buying pressure to break through $0.0897. Failure to do so could see the token backtrack toward $0.0776, while a successful breach would reshape the narrative from a bear‑dominated correction to a potential recovery.