The price of Dogecoin (DOGE) remains at a critical point, trading near $0.199. This week, whales have shown strong confidence, accumulating 1.7 billion DOGE, valued at $338 million. However, this optimism contrasts with caution from new investors. Data from Glassnode shows that retail interest in Dogecoin is falling.
On-chain data from the Santiment platform is clear. Wallets holding between 100 million and 1 billion DOGE led this massive buying wave. This strategic accumulation suggests that big capital is betting on a medium-term rally. Conversely, network growth shows signs of cooling. The number of new Dogecoin addresses fell by 17% in just three days. This divergence between whales and small investors creates notable tension in the market.
The Divergence: Optimistic Whales, Skeptical Retail
This market duality is significant. Whale activity is often considered a predictive indicator of future price movements. Their ability to absorb supply at key levels can establish a solid floor. However, Dogecoin also historically relies on community enthusiasm. The memecoin economy needs a steady flow of new participants. A drop in new addresses indicates that new user acquisition has slowed. This could hinder the fresh capital needed to sustain a bullish rally.
Currently, DOGE faces immediate resistance at $0.209. Breaking this barrier is crucial for the meme cryptocurrency. If whale buying pressure persists, the asset could be pushed towards $0.222. This move would confirm demand strength and could attract new buyers. Nonetheless, the bearish scenario remains a possibility. If the price fails to consolidate and loses the $0.185 support, the bullish outlook would be invalidated. This could lead Dogecoin to seek lower support levels, around $0.175, prolonging the consolidation phase.
Can Whale Strength Break the $0.20 Resistance?
The immediate future of Dogecoin depends on which of these two forces dominates. The strong accumulation by whales provides a safety net against drastic drops. But the lack of retail enthusiasm could limit short-term upside potential. Investors are watching to see if retail interest in Dogecoin reactivates. The battle between the $0.185 support and the $0.209 resistance will define the cryptocurrency’s trend in the coming days.
