Dogecoin Dips 4% Amid Rising Whale Activity—Is a Potential Rally Brewing?

Jakarta, Pintu News – Dogecoin (DOGE) weakened on Monday (11/8), erasing some of the gains that had touched $0.2417 in early trading, as it struggled to continue the V-shaped reversal pattern that occurred last week.

Despite the price correction, investors with large wallets continued to add to their holdings, and DOGE’s open interest jumped 9% earlier this week.

Then, how is the current Dogecoin price movement?

Dogecoin Price Drops 4.80% in 24 Hours

On August 12, 2025, Dogecoin’s price dropped 4.80% over the past 24 hours, settling at $0.2255 (around IDR 3,687). During that period, DOGE traded between IDR 3,624 and IDR 3,882.

At the time of writing, Dogecoin’s market cap stands at around $34.03 billion, with trading volume rising 5% to $2.56 billion within 24 hours.

Read also: Bitcoin Falls to $118K on Aug 12, but Analysts See Potential Rebound to $130K

Whale Confidence and Dogecoin Open Interest Increase

Large capital investors, often referred to as “whales”, are one of the main factors driving the crypto price rally, especially meme coins. An increase in the balance on a whale’s wallet is usually considered a buy signal as it shows the increasing confidence of large investors.

Santiment data notes that since August 1, investors holding more than 100 million DOGE tokens have purchased an additional 680 million tokens. Their total holdings now stand at 98.56 billion DOGE, the highest since December 1.

Dogecoin Open Interest refers to the total value of DOGE futures contracts and open positions in US dollars. An increase in OI indicates an influx of new capital as traders’ interest in the meme coin grows.

CoinGlass data shows DOGE’s OI rose more than 9% in the last 24 hours (11/8), reaching $3.32 billion.

Dogecoin Eyes V-Shaped Reversal Pattern Breakout

Dogecoin lost some of its daily gains after reversing from the $0.2471 peak formed on Monday morning, signaling a potential bearish reversal.

Read also: Is Dogecoin on Track for $2? Analyst Patel Sees a Strong Rally Ahead

The meme coin is still struggling to break the $0.2407 resistance level – which is the closing price of July 27 – as well as the neckline of the V-shaped reversal pattern.

Dogecoin’s V-shaped reversal pattern is in line with major investors’ increasing interest in the coin. However, failure to break the neckline could trigger a correction towards $0.2145, which was the May 17 closing price.

Technical indicators still show a bullish trend, with the Moving Average Convergence Divergence (MACD) line breaking above the signal line. Even so, investors need to be vigilant as the moving average still tends to flatten.

The Relative Strength Index (RSI) is at 58 on the daily chart, above the midpoint, which indicates buying pressure is slightly stronger and there is still room for growth.

In addition, the formation of a Golden Cross between the 50-day and 200-day Exponential Moving Average (EMA) gave rise to a classic buy signal.

If the price manages to convincingly break the $0.2407 neckline, Dogecoin’s rally could potentially continue up to the $0.2848 resistance, which was last tested on July 21.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• FX Street. Dogecoin Price Forecast: Increasing whale activity and Open Interest add to chances of a rally. Accessed on August 12, 2025