Peter Smith
Dogecoin (DOGE) gets hammered as whales dump their bags, leaving retail traders wondering if the memecoin can hold critical support.
Dogecoin (DOGE) got absolutely destroyed yesterday, crashing 6.88% from $0.24 down to $0.22 as sellers went ballistic.
The carnage started at 07:00 on August 11 when DOGE dropped from $0.238 to $0.233 on massive 485.69M volume – that's 31% above the usual 371.45M daily average. This turned $0.238 into a concrete resistance wall that DOGE can't break.
Dogecoin (DOGE) Buyers Show Up But Get Crushed
The good news? Buyers actually fought back when DOGE hit $0.226 during the 11:00 session, pumping 793.38M in volume. But every bounce got smacked down at $0.231 – multiple attempts, multiple failures. By day's end, DOGE was stuck between $0.2247-$0.2253 with dried-up volume, suggesting seller exhaustion.
Trade Wars and Macro Fear Drive the Dump
This wasn't just random crypto chaos. Trade tensions are heating up with countries slapping tariffs everywhere, while central banks hint at policy changes. When institutions get spooked, they dump risky assets like memecoins first. Add regulatory uncertainty to the mix, and you get a perfect storm for DOGE getting wrecked.
Technical Outlook: Make or Break at 22 Cents
DOGE is trapped between $0.238 resistance (now a brick wall) and $0.226 support where buyers stepped in. The $0.22 psychological level is crucial – if that breaks, things could get really ugly. Volume compression suggests sellers might be getting tired, but DOGE needs serious buying power to escape this mess.
Peter Smith
