Time to Buy Dogecoin? Whales Buy 530 Million DOGE

Story Highlights

• Whales have bought the dip and accumulated a significant 530 million DOGE in the past three days.

• Despite ongoing accumulation, DOGE still seems bearish and could drop another 15% in the future.

• DOGE’s OI has fallen from $5.25 billion to $1.79 billion, reflecting fading trader interest.

Amid the ongoing bearish price momentum, Dogecoin (DOGE), the largest and most popular meme coin, has been gaining significant attention from crypto enthusiasts due to its notable price drop in recent days.

Crypto Whales Buy 530 Million DOGE

On February 28, 2025, a prominent crypto expert shared a post on X (formerly Twitter), revealing that during the past three days of DOGE’s price decline, whales have bought the dip, accumulating a significant 530 million DOGE.

As of now, the asset is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend.

Current Price Momentum and Decline of Open Interest

DOGE is currently trading near $0.206 and has experienced a modest price surge of over 1.75% in the past 24 hours. However, during the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors, possibly due to the significant price fluctuations the meme coin has witnessed in recent days.

With the bearish market outlook, data from the on-chain analytics firm Coinglass revealed that intraday and derivative traders appear to be abandoning DOGE, as its futures open interest (OI) has dropped to its lowest level in 2025.

Since the presidential inauguration, DOGE’s OI has fallen from $5.25 billion to $1.79 billion, reflecting fading trader interest, possibly due to market uncertainty and declining momentum.

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