Dogecoin drops 18% as whales buy 200 million tokens

Dogecoin slid 18% last week, touching $0.081 – a multi‑year support level – and its price now sits around $0.084, down 2.75% in the past 24 hours [1]. At the same time, large‑wallet holders (“whales”) accumulated roughly 200 million DOGE, worth about $16.8 million at current prices, according to analyst Ali Martinez’s X post [1].

The buying burst coincided with the token testing the historic concentration zone near $0.081, where many DOGE tokens have historically clustered. This suggests whales are targeting a discount relative to recent highs, hoping the support will hold. Their activity contrasts sharply with the broader market mood: the Moving Average Convergence Divergence (MACD) indicator flashed a “Sell” signal for DOGE on TradingView, and the token’s long‑term correlation with Elon Musk’s tweets has faded [1].

Institutional interest adds another layer. Grayscale Dogecoin Trust, 21Shares Dogecoin ETF, and Bitwise Dogecoin ETF together attracted over $662,000 in net inflows for the week ending June 5, according to SoSo Value data [3]. Meanwhile, Binance’s top 20% margin traders increased their long exposure to Bitcoin, hinting at a broader risk‑on shift that could eventually lift altcoins like DOGE [1][3].

Analysts remain divided on the outlook. Some point to the historical pattern of sharp pullbacks followed by strong rebounds in bull markets, arguing the current dip may be a buying opportunity. Others note that technical signals, including the MACD sell warning, still favor further downside pressure. The key question is whether the support at $0.081 will hold long enough for the whale accumulation to translate into a price bounce, or if bearish momentum will keep DOGE suppressed despite the inflows.