Dogecoin Surges to 23 Cents as Whales Accumulate

NEW YORK, NY — Dogecoin (DOGE) rose to 23 cents on August 9, 2025, driven by significant buying from institutional investors and whale traders. Over $200 million worth of DOGE was accumulated within a 24-hour period.

The price increased by 4%, moving from $0.22 to $0.23 early on August 9. This upward trend was supported by heavy institutional participation, with whales acquiring over 1 billion DOGE. The level at $0.22 firmly held during multiple retests, attracting leveraged long positions from traders.

However, could not maintain its momentum at the $0.23 resistance level. As heavy selling pressure emerged, short-term traders began taking profits, resulting in a small pullback to $0.227 in the final trading hour. This drop coincided with an increase in institutional selling, with a notable breakdown at a trading volume of 11.4 million DOGE.

Following the price drop, a volume spike of 24.1 million DOGE occurred shortly after, suggesting that larger traders were exiting their positions. The late-session trading dynamics indicated a potential consolidation phase for DOGE.

Technical analysis shows that $0.22 is a crucial support level, which has been reinforced by consistent volume-backed defenses. Conversely, the $0.23 resistance remains significant, marked by peak trading volume of 780.9 million DOGE. Analysts suggest that the concentration of whale ownership is significant, nearing 50% of DOGE’s circulating supply.

Looking ahead, market participants are watching to see if the $0.22 support can withstand future tests. The fluctuating trading dynamics could signal either continued confidence in DOGE or a potential cooling of bullish sentiment.

As traders navigate this volatile environment, the overall sentiment in the broader meme coin market will be critical in influencing DOGE’s price trajectory going forward.