Dogecoin Rallies to 21 Cents Amid $200M Whale Outflow to Binance
Dogecoin Holds $0.21 Amid Whale Transfer and Market Volatility
Dogecoin (DOGE) experienced significant swings from August 24–26, moving within a $0.013 range before consolidating around $0.21. The token fell sharply from $0.218 to $0.208 on 1.57 billion volume following a 900 million DOGE ($200M+) transfer to Binance, sparking short-term selling pressure.
Despite this, whales continued accumulating DOGE, adding over 680 million tokens in August, offsetting retail outflows and leaving market sentiment split between cautious traders and dip-buyers.
Market Factors
- Fed Chair Powell’s Jackson Hole remarks fueled a 12% rally across meme coins, boosting DOGE alongside broader risk-on momentum.
- DOGE futures open interest dropped 8%, reflecting reduced speculative leverage.
- Technical indicators hint at potential upside: RSI recovered to mid-50s from oversold levels, and MACD shows a bullish crossover forming.
Technical Snapshot
- Support: $0.208; Resistance: $0.218–$0.221.
- Consolidation: $0.210–$0.212 suggests accumulation.
- Late-session rebound saw 17.85 million tokens traded, confirming strong liquidity.
What Traders Are Watching
- Upside: A break above $0.218–$0.221 could target $0.23–$0.24.
- Downside: Breach of $0.208 may open the way toward $0.20.
- The ongoing tug-of-war between whale buying and exchange outflows will likely dictate DOGE’s next directional move.
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