Dogecoin Struggles Below Key Levels as Whales Accumulate 100M DOGE

Dogecoin has faced increased volatility and selling pressure as February kicks off with uncertainty across global markets.

Dogecoin price analysis reveals that the meme coin has faced increased selling pressure as February begins. Despite the price struggles, key on-chain data suggests that large investors, known as whales, are taking advantage of the current price levels.

According to top analyst Ali Martinez, whales have quickly accumulated another 100 million DOGE over the last 24 hours. This accumulation trend signifies growing confidence and rising demand for Dogecoin.

Historically, such whale accumulation periods have often preceded strong price movements, as big players tend to position themselves ahead of potential rallies.

If Dogecoin manages to reclaim the $0.25 level and turn it into support, the next move higher could be significant. However, failure to hold key levels may lead to further declines. The coming weeks will be crucial in determining whether DOGE can recover or if it will remain stuck in a downtrend.