Dogecoin Price Holds $0.23 As DOGE Whales Bag 680M Tokens

Key Insights:

• Dogecoin price traded near $0.24 after adding 14% in the past 24 hours.
• The token added about 4% over the past week amid robust bets from DOGE whales.
• Large holders acquired over 680 million DOGE in August despite retail selling.

Dogecoin (DOGE) traded near $0.24 on August 23, 2025, after adding around 14% in the past 24 hours. The token has added about 4% over the week but traded near the flatline in the monthly chart.

Amid this, analysts said that steady buying from large holders has supported the DOGE price, providing the recent robust gains.

Dogecoin Price Showed Support at $0.23

Market data showed that whales acquired more than 680 million DOGE during August. This accumulation took place while many smaller traders reduced exposure amid broader market concerns.

Analysts said the buying pressure from whales helped stabilize the token and helped in its recent declines.

The Dogecoin price had struggled with volatility since late July. Frequent swings pushed many retail traders out of the market. Analysts said whale inflows provided some support and kept the token from sliding more sharply.

Technical analysts observed a descending triangle pattern on the daily chart. A descending triangle often signals compression of price action into a narrow range.

The structure in Dogecoin showed flat support around $0.23, with lower highs forming resistance. Analysts tracked this setup as the apex approached, expecting a sharp move.

Ali Martinez, a crypto market analyst, said a break above resistance could send the Dogecoin price toward $0.29. However, he added that a breakdown from support risked pushing the token toward $0.19.

Indicators supported the view of heightened risk. The moving average convergence divergence (MACD) showed weakening momentum, while Bollinger Bands pointed to a likely increase in volatility.

At the same time, the 0.5 Fibonacci retracement level around $0.22 acted as a pivot for traders at the time of writing.

DOGE Whales Accumulation Drive Intraday Recovery

Analysts said large-scale investors influenced the market structure for Dogecoin price in recent weeks. Recent reports indicate that institutional inflows created a V-shaped rebound, lifting DOGE from its one-day low of $0.20 to $0.23 in one session.

Whale activity often signals long-term positioning. Analysts said consistent accumulation suggested that large holders expected stability in the token.

If accumulation continued, it could help in further gains for the leading dog-themed meme coin in the near future.

This divergence between whale and retail behavior reflected a wider pattern across digital asset markets in 2025. Large holders increasingly absorbed selloffs during volatile periods. The inflows into DOGE were part of that broader shift.

Despite short-term uncertainty, some analysts maintained a constructive view on the token’s longer outlook. Market strategist Shan Specter said the recent range was a consolidation phase. He added that such phases often served as resets before broader moves.

Specter projected a cycle target between $0.70 and $1.30 for Dogecoin price over the coming years. He linked this to growing adoption of DOGE for payments and backing from public figures. He said those factors could continue to shape sentiment.

Traders Prepared for Upcoming Dogecoin Price Move

In the near term, analysts focused on whether $0.24 could flip from resistance into support for the Dogecoin price. A confirmed shift could allow a test of $0.24 to $0.25. That zone was seen as the last hurdle before $0.29.

If bears regained control, the Dogecoin price chart suggested a possible return to $0.19. Analysts said that level could decide whether the broader uptrend remained intact.

DOGE price’s immediate range between $0.21 and $0.25 defined the technical backdrop. With trading volume muted, volatility indicators pointed toward sharper movement. Analysts said traders would monitor the resolution of the triangle pattern for direction.

At press time, the Dogecoin price was around $0.2379. Analysts said the next breakout from current levels would determine its path for the next quarter.