Dogecoin (DOGE) Price Explodes on $200M Whale Buying Spree – But There's a Catch

Dogecoin (DOGE) just pulled off another classic move, rocketing from $0.22 to $0.23 in 24 hours ending August 9. What made this 4% surge interesting? Whale money – over $200 million in DOGE changing hands as big players loaded up.

The $0.22 support held strong through multiple tests, drawing in traders who smelled opportunity. Volume hit 262.2 million during early session when this level got hammered hardest, but it didn't budge.

Then came the plot twist. When Dogecoin (DOGE) kissed $0.23, sellers showed up in force. Short-term traders cashed out, and those same whales might have started unloading too.

DOGE Price Hits Resistance Wall

The rally happened between August 8 04:00 and August 9 03:00, creating 5% volatility. Everything looked great until DOGE smacked into $0.23 around 14:00, when volume exploded to 780.9 million as sellers emerged.

Whales gobbled up over 1 billion DOGE tokens worth $200 million, pushing their ownership close to half of circulating supply. That's serious accumulation.

But then came the rug pull. In the final hour, DOGE dropped 1% from $0.23 to $0.227 between 02:39 and 03:38. The breakdown hit at 03:34 with 11.4 million volume, followed by a massive 24.1 million spike at 03:35. That 8x volume spike? Institutional money heading for exits.

What's Next for Dogecoin (DOGE) Price?

DOGE confirmed $0.22 as solid support – it held through multiple attacks with volume backing. $0.23 is now proven resistance after that supply zone killed the rally.

Traders are watching: Can $0.22 hold with all this whale activity? To break $0.23, DOGE needs serious firepower to clear that supply zone. The big question – are whales still accumulating or distributing?

DOGE settled into a tight $0.227-$0.229 range after the chaos. With meme coin sentiment driving moves, the next direction depends on whether bulls regroup or more selling emerges.