A dormant Dogecoin whale has resurfaced after 11 months of inactivity, withdrawing 15.115 million DOGE worth $2.95 million from Binance, according to Onchain Lens data. This significant move included a smaller transaction where the whale sold 7,473 DOGE for approximately $1,450 in USDT, leaving the address with 15.19 million DOGE valued at $12.96 million.
The whale's reactivation briefly propelled DOGE's price to $0.20, but it failed to sustain above this key resistance level, consolidating just below. On-chain metrics reveal persistent bearish pressure, with Spot Taker CVD and Buy-Sell Delta remaining negative throughout October, indicating sustained seller dominance and aggressive retail selling. Data from CryptoQuant and Coinalyze showed a negative delta of 1.79 million DOGE at press time, highlighting the imbalance between sell and buy volumes.
Despite this, the whale accumulation suggests long-term confidence among large holders, contrasting with retail traders' continued selling. Technically, DOGE traded below its 20, 50, 100, and 200 EMA lines, with the Directional Movement Index (DMI) reinforcing a bearish bias—Positive Index near 12 and Negative Index around 39. For a reversal, buyers must push the price above the 20 EMA at $0.20 and reclaim the $0.21 zone, potentially opening a path to $0.22 in the midterm.
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