Dogecoin Rally Driven by Retail Investors as Whale Activity Hits Two-Month Low
Dogecoin surged past key resistance levels on strong volume, propelled primarily by retail buying, even as whale activity dropped to its lowest point in two months.
Market Context
The rally coincided with modest but steady inflows into newly launched U.S. spot Dogecoin ETFs. Grayscale’s GDOG and Bitwise’s BWOW recorded $177,250 in net inflows on December 3, bringing total inflows since launch to $2.85 million, according to SoSoValue. While moderate, these flows highlight early adoption among traditional investors and offered a small boost as DOGE reclaimed key technical levels amid a subdued memecoin market.
Technical Analysis
DOGE confirmed an ascending channel with higher lows at $0.1469, $0.1488, and $0.1512, signaling sustained accumulation. The breakout above $0.1505 marked the first resistance clearance since late November, supported by triple-average volume, confirming bullish momentum.
Despite declining whale involvement, the chart shows healthy structure: upward-sloping support, orderly reactions to intraday dips, and expanding breakout amplitudes. The $0.1470 support band now acts as a critical pivot, while $0.138 remains the major structural floor, aligned with the 0.382 Fibonacci retracement and 200-week moving average.
Price Action Summary
DOGE accumulated steadily before breaking $0.1505, accelerating around 14:00 GMT with volume hitting 874.7M tokens. A brief pullback to $0.1513 was absorbed by buyers, confirming support. Price advanced toward $0.1530, closing in the upper half of the day’s range and reinforcing bullish control.
