Despite Dogecoin's DOGE/USD Lackluster Performance, Whale Investors Are Aggressively Accumulating DOGE Ahead of Friday's Crypto Summit

Despite Dogecoin's DOGE/USD lackluster performance, whale investors are aggressively accumulating DOGE ahead of Friday's crypto summit.

Dogecoin's lackluster performance in recent months has belied a quiet buildup by whale investors, who are massively accumulating the meme cryptocurrency ahead of Friday's crypto summit at the White House.

As the price trades at a critical juncture, chart analyst Ali Martinez highlighted that Dogecoin is still holding an ascending parallel channel.

"As long as the lower boundary at $0.16 holds, a rebound towards the mid-channel at $2.74 or even the upper boundary at $6.24 remains a probability," Martinez said in an X post.

Dogecoin Price Chart by Crypto Chart Analyst Ali Martinez

If this level is broken, however, we can expect to see a substantial decline.

"Dogecoin has a habit of rebounding from this channel since 2014 to test the upward resistance trend line. A break below $0.19 could trigger a sharp correction towards $0.015," the analyst stated.

According to Santiment data, whales have purchased 150 million Dogecoin in the last 72 hours.

CoinGlass data shows that liquidations for Dogecoin totaled $6.5 million over the past 24 hours, while open interest increased 2.4% to $1.8 billion. The meme coin's derivatives trading volume also rose by 12.9% to $3.08 billion.

Dogecoin is now a crucial decision point as it approaches the $0.16 support, which, if broken, could lead to a significant crash.

With rising whale activity, increasing open interest, and the upcoming event at the White House, Dogecoin is setting up for a major move—but whether that's a breakout or breakdown depends on this key support level.