Dogecoin’s Price Surges to 21 Cents as $200M Worth of Coins Transferred to Binance
Dogecoin experienced significant price fluctuations between August 24-26, trading in a range of $0.013 before settling near $0.21. On August 25, a sharp drop from $0.218 to $0.208 occurred alongside a massive volume of 1.57 billion, with concerns arising due to a 900 million DOGE transfer to Binance. This transfer unsettled traders, leading to a decrease in open interest in DOGE futures as speculative traders reduced their exposure, fearing a potential sell-off.
Despite the negative market sentiment, data revealed that whales had accumulated over 680 million DOGE in August, countering retail distribution. Furthermore, comments from Fed Chair Powell at the Jackson Hole meeting sparked a 12% rally in the meme coin sector, aligning Dogecoin with a broader risk-on momentum.
In terms of price action, DOGE exhibited a 6.06% spread in the 23-hour session ending on August 26 at 12:00, trading between $0.221 and $0.208. The most significant movement occurred between 19:00-20:00 GMT on August 25 when DOGE dropped from $0.218 to $0.208 on a volume of 1.57 billion. Following the whale transfer, the price fluctuated, reaching a high of $0.25 and testing $0.23 support before stabilizing. A rebound occurred, lifting DOGE from session lows of $0.210 to $0.211-$0.212 on August 26 between 11:27-12:26 GMT, supported by a volume spike of 17.85 million at 11:58.
Analyzing the technical aspects of DOGE, support was established at $0.208 after the high-volume drop, with resistance at $0.218-$0.221 capping rallies. The current consolidation between $0.210-$0.212 suggests accumulation, while the RSI showed a recovery from oversold levels near 42 to the mid-50s, indicating stabilizing momentum. The MACD histogram narrowing towards a bullish crossover suggests a potential upside reversal. Additionally, a decline in open interest by 8% implies reduced speculative leverage, limiting volatility but also dampening near-term upside potential. Overall, sustained trading above $0.21 with increased volumes (+16% compared to 30-day averages) strengthens the bullish case for DOGE.
Traders are closely monitoring the potential breakout towards $0.23-$0.24 if consolidation trends upward and whale buying persists. On the other hand, bears are eyeing $0.208 as the key downside trigger, indicating a risk of dropping towards $0.200. The ongoing battle between exchange inflows (distribution risk) and whale accumulation (supportive demand) is expected to play a critical role in determining the next direction for Dogecoin.
