Large Dogecoin (DOGE) holders scooped up more than 200 million tokens last week, deepening their stash even as the meme coin slid to a multi-year low.
Key Points:
- Whales added over 200 million DOGE in the past week, lifting their holdings to roughly 18.84 billion coins.
- The token sank near $0.077 over the weekend before recovering toward $0.086.
- Spot Dogecoin fund inflows climbed 29% to $12.44 million ahead of the June 12 SpaceX listing.
Dogecoin Whales Defend $0.081 Support
On-chain data from Santiment, shared by analyst Ali Martinez, shows large wallets bought more than 200 million DOGE between June 5 and June 8. Their combined balance rose from about 18.60 billion to roughly 18.84 billion coins.
The buying landed as the token sank near $0.077 over the weekend, its weakest level in years. It has since recovered to around $0.086, though it remains down roughly 13% on the week. The bounce arrived with trading volume running above its 30-day average.
Sellers still hold the edge, with Dogecoin's accumulation reading sliding even as whales keep adding.
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Ali Martinez Eyes $0.058 Risk
Martinez calls $0.081 a critical structural inflection point, the lower mid-boundary of a parallel channel that has framed DOGE since 2021. More than 30 billion coins last changed hands near that mark, giving longtime holders a shared cost basis worth protecting. He warned that a weekly close below the line could crack the channel and open a path toward $0.058.
Institutional buyers, meanwhile, have leaned the other way.
Spot Dogecoin funds have pulled in $12.44 million since their late-November launch, with inflows climbing 29% lately. Traders are watching the June 12 SpaceX initial public offering for a fresh catalyst.
The slump caps a bruising stretch for the meme coin, now about 88% below its 2021 peak near $0.73. June has rarely treated DOGE well either, with no green monthly close in nine years. Its average return for the month sits at minus 7.3%.
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