Dogecoin (DOGE) declined 8% over the past 24 hours, retreating from $0.22 to $0.21 as surging trading volume intensified downward pressure. Despite the steep drop, on-chain data suggests large holders are quietly accumulating, potentially signaling confidence at current price levels.
Selloff Fueled by Volume Surge
The selloff unfolded across a volatile $0.03 trading range, with DOGE hitting a high of $0.23 early on July 31 before momentum reversed. Resistance at that level proved resilient, and by midnight UTC, a sharp spike in trading volume—peaking at 1.25 billion DOGE, well above the 365 million daily average—triggered cascading liquidations and stop-losses, sending DOGE briefly to $0.20.
Prices stabilized by early August 1, with DOGE recovering slightly to close the session at $0.21. The price band narrowed significantly, suggesting selling pressure may be easing.
Accumulation During Weakness
Despite the drop, institutional wallets showed signs of accumulation. On-chain data indicates that over 310 million DOGE were scooped up during the decline, suggesting strategic positioning at discounted levels. This aligns with broader trends of opportunistic buying seen in prior downturns.
Adding to that, Bit Origin—a digital infrastructure firm—announced it had added 40 million DOGE to its corporate treasury as part of a $500 million diversification plan. The move signals growing interest in DOGE as a treasury-grade digital asset.
Macro Environment Remains a Drag
The broader crypto market continues to face pressure from uncertain macro conditions. Sticky inflation data, ambiguous central bank guidance, and fragile risk appetite across global equities have contributed to market volatility. DOGE’s decline reflects these broader headwinds, though accumulation trends suggest selective confidence in high-liquidity altcoins.
Price Breakdown
- High: $0.23 (July 31, 09:00–10:00 UTC)
- Low: $0.20 (post-midnight drop, August 1)
- 24-Hour Loss: -8%
- Peak Volume: 1.25B DOGE (vs. 365M average)
- Close: $0.21
- Final Hour Recovery: +1% from $0.21 to $0.212
The modest recovery into session close hints at temporary stability. Support at $0.21 has held multiple times, forming a potential short-term base.
Technical Outlook
- Resistance at $0.23 continues to cap upside attempts
- Support near $0.21–$0.20 has held, with multiple successful retests
- Volume climax near lows suggests exhaustion from sellers
- Tight range into session end could indicate a consolidation phase underway
Key Things to Watch
- Will DOGE continue to hold above the $0.20–$0.21 support band?
- Are institutional wallets preparing for a broader positioning shift?
- Could Bit Origin’s treasury allocation spark a trend among corporates?
- How will upcoming macro data impact crypto flows and sentiment?
