Time to Buy Dogecoin? Whales Buy 530 Million DOGE

Amid the ongoing bearish price momentum, Dogecoin (DOGE), the largest and most popular meme coin, has been gaining significant attention from crypto enthusiasts due to its notable price drop in recent days.

Crypto Whales Buy 530 Million DOGE

On February 28, 2025, a prominent crypto expert shared a post on X (formerly Twitter), revealing that during the past three days of DOGE’s price decline, whales have bought the dip, accumulating a significant 530 million DOGE.

DOGE’s on-chain data shows that it has experienced a price drop of over 17% during the period when whales bought the dip. It appears that they began accumulating after the breakdown of the crucial support level at $0.238.

Dogecoin (DOGE) Price Action and Upcoming Level

According to expert technical analysis, DOGE appears bearish but has been consolidating in a tight range near the crucial support level of $0.175 for the past two trading days. Based on recent price action and historical patterns, DOGE still seems bearish and could drop another 15% in the future.

As of now, the asset is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.

Current Price Momentum and Decline of Open Interest

DOGE is currently trading near $0.206 and has experienced a modest price surge of over 1.75% in the past 24 hours. However, during the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors, possibly due to the significant price fluctuations the meme coin has witnessed in recent days.

With the bearish market outlook, data from the on-chain analytics firm Coinglass revealed that intraday and derivative traders appear to be abandoning DOGE, as its futures open interest (OI) has dropped to its lowest level in 2025.

Since the presidential inauguration, DOGE’s OI has fallen from $5.25 billion to $1.79 billion, reflecting fading trader interest, possibly due to market uncertainty and declining momentum.