# Dogecoin drops 18% as whales buy 200 million tokens

**Published:** 2026-06-16T10:51:43.588Z  
**Topic:** Dogecoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/55833cf6-89fc-458d-b7e3-25f87262d3d1

Dogecoin fell 18% to its lowest since Feb 2024, yet whales snapped up 200 M DOGE ($16.8 M). See why investors see a support zone and what it could mean for the

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.

## Sources
1. Benzinga — [DOGE Is Down 18%, But Whales Keep Buying—Why? - Benzinga](https://www.benzinga.com/crypto/cryptocurrency/26/06/53108237/doge-is-down-18-but-whales-keep-buying-what-are-they-seeing)
2. Cryptopotato — [Dogecoin Whales Keep Buying but DOGE Price Keeps Dropping](https://cryptopotato.com/dogecoin-whales-keep-buying-but-doge-price-keeps-droping/)
3. M — [DOGE Is Down 18%, But Whales Keep Buying-What Are They Seeing?](https://m.dailyhunt.in/news/india/english/benzinga-epaper-benzinga/doge+is+down+18+but+whales+keep+buyingwhat+are+they+seeing-newsid-n715543823)
4. Research — [Dogecoin Whales Keep Buying but DOGE Price Keeps Droping](https://research.ixfi.com/news/dogecoin-whales-keep-buying-but-doge-price-keeps-droping)

---
Cite as: TrendWatcher, "Dogecoin drops 18% as whales buy 200 million tokens", https://www.trendwatcher.in/article/55833cf6-89fc-458d-b7e3-25f87262d3d1