Dogecoin (DOGE) plummeted 18% during the July 23-24 trading session, with prices dropping from recent highs near $0.2786 to $0.2334 amid intense institutional selling pressure. Trading volumes surged to over 2.26 billion tokens during the selloff, peaking between 13:00-17:00 GMT as DOGE faced repeated rejections at the $0.25 resistance level.
Despite the downturn, whales holding 100 million to 1 billion DOGE accumulated 310 million tokens worth $73 million within 48 hours of the dip, according to analyst Ali Martinez. These large holders now control 25.42 billion DOGE after initiating consistent buying since July 17. The accumulation occurred as DOGE retested support at $0.23 following an 84% four-week rally that began in late June.
Technically, the correction represents a retest of the double-bottom pattern neckline at $0.2577. Hourly RSI remains oversold without bullish divergence, while volume profiles indicate institutional-led exits rather than retail panic. Key support holds at $0.23, with resistance firming at $0.25. Analysts suggest a breakdown below $0.23 could extend losses to $0.21, though successful support retesting may propel DOGE toward $0.4846 targets.
The broader altcoin market faces fragility due to macroeconomic concerns, including global trade tensions and hawkish policy shifts driving risk-off sentiment.