• Dogecoin (DOGE) declines by over 4% as whale accumulation continues, while retail investors maintain their selling trend amidst technical resistance.
• Whales control 81% of DOGE’s circulating supply, with a record 122.59 billion tokens, showcasing their ongoing dominance in the market.
• Technical indicators and reduced trading volume suggest Dogecoin faces a bearish outlook, with short-term volatility and resistance hindering upward movement.

Dogecoin (DOGE) decreased by more than 4%, with the motivating force that drove a 37% advance last week wearing off. The drop is attributed to major investors, or whales, continuing to buy the cryptocurrency, with no indication that retail investors intend to change course on their selling. Dogecoin faces a significant resistance level, as technical indicators suggest it may experience some volatility in the future.

According to Santiment, 81% of the circulating supply of DOGE belongs to whales possessing more than 10 million tokens. By Wednesday, these whales were in possession of 122.59 billion DOGE, a new record breaking the 122.69 billion DOGE attained last Friday. This huge stockpile of Dogecoin among large investors shows that whales are still dominant on the market.

Source: Santiment

Retail Retreat as Volumes Crash

In the meantime, the retail investors owning less than 10,000 DOGE tokens have experienced slight variations in their holdings. Since their offloading spree started in early July, retail investors have 2.47 billion DOGE at the around July 1 timeframe. Although there is considerable selling activity, there is no growth in the total retail participant, implying that the tendency of selling off by the small holders is alive and kicking.

Also Read: Can Dogecoin (DOGE) Reach $0.50? Key Levels to Watch In August 2025

As indicated in volume analysis, there has been a considerable fall in the market activity. Coinglass revealed that the trading volume fell by 46.62% to bear the value of $10.05 billion, whereas Open Interest declined by 6.06% to $4.85 billion. 

Source: Coinglass

Dogecoin Price Slips Below Key Moving Averages

The Dogecoin price is down below the 50-day, 100-day, and 200-day moving averages, indicating an evident bearish bias line. The 50 day moving average has formed a short-term resistance, and any upward movement has been halted. Besides, the price stays below the greater 200-day moving average, which points out the negative outlook of the medium- to long-term future of Dogecoin.

The Moving Average Convergence Divergence (MACD) is also consistent with the bearish outlook, said technical indicators. The MACD sign is now below the signal line, and this is an indication of the fact that the momentum is strongly negative on the bear side. The red histogram MACD also indicates that the selling force is still commanding the market, and it is proving very hard to be in control of the market by the buyers.

Source: TradingView

The changes in the volumes reflect that there has been stronger selling pressure in the market in recent times. Throughout, although buying displays some spikes, they are soon overtaken by even stouter selling volumes. This shows that a bearish mood is dominating the market, and any possible boisterousness is likely to be met with intense opposition.

The future of Dogecoin is unclear in both the short run and the long run as it continues to face a tremendous amount of pressure due to massive retail selling and magnification by big investors. As long as whales are accumulating DOGE, the selling activity of retail traders and bearish technical issues indicate the likelihood of the cryptocurrency failing to overcome major resistance points. 

Also Read: Dogecoin Eyes 0.40 Target After Breaking Above Key 0.25 Support