DOGE Drops 18%, Yet Whales Still Buying—What’s the Appeal?
June 10, 2026
Dogecoin (CRYPTO: DOGE) may be in a tough spot, but significant investors are taking advantage of the opportunity to acquire the meme-inspired digital currency at a reduced price. Renowned cryptocurrency analyst Ali Martinez recently pointed out that whales, or large holders of a particular asset, obtained over 200 million DOGE tokens in the past week, equivalent to $16.80 million based on the prevailing market rates.
The high accumulation of DOGE tokens by whales coincided with the price of DOGE testing a crucial multi-year support level around $0.081, an area with a substantial historical concentration of DOGE tokens. In the same vein, the Grayscale Dogecoin Trust ETF (NYSE: GDOG), 21Shares Dogecoin ETF (NASDAQ: TDOG), and Bitwise Dogecoin ETF (NYSE: BWOW) collectively attracted a net inflow of over $662,000 during the week ending on June 5, despite DOGE experiencing an 18% decline, marking its lowest point since February 2024.
Amidst the current market conditions, there are indications of a potential recovery. Notably, Binance’s top traders, representing the top 20% of users with the highest margin balance, have increased their long exposure to Bitcoin after a significant dip last week. However, the Moving Average Convergence Divergence indicator, which assesses two exponential moving averages of an asset’s price, particularly the 12-period and the 26-period, signaled a “Sell” indication for DOGE, according to data from TradingView.
Unfortunately, Dogecoin has been facing a series of challenges exacerbated by geopolitical tensions and the repercussions of Bitcoin’s recent slump. Moreover, the long-standing correlation between Dogecoin and Elon Musk, which had been a driving force for the token’s value for a significant period, has gradually diminished. As of the latest update, DOGE was trading at $0.08402, representing a 2.75% decrease in the past 24 hours, based on data from Benzinga Pro.
In conclusion, despite the recent setbacks, whales continue to exhibit confidence in Dogecoin by accumulating significant amounts of the digital asset. The evolving market dynamics, alongside external factors such as geopolitical uncertainties and shifting narratives, are shaping the trajectory of DOGE, prompting investors to closely monitor its performance and potential for recovery in the coming days.
