Usman Salis
Dogecoin took a beating yesterday, falling 8% from $0.22 to $0.21 in what turned out to be one of its worst days this month. But here's the kicker – while regular folks were probably hitting the panic button, big institutional wallets were doing the exact opposite, scooping up a massive 310 million DOGE tokens.
The selloff happened between 03:00 on July 31 and 02:00 on August 1. What really caught attention wasn't just the drop, but the crazy volume – 1.25 billion DOGE changed hands during overnight trading, three times the usual daily average of 365 million.
DOGE Price Hits Wall at $0.23 Resistance
The trouble started when DOGE couldn't break through $0.23 resistance. Multiple attempts got smacked down, and that's when sellers came out to play. The price swung in a wide $0.03 range between $0.23 high and $0.20 low before finding support at $0.21.
Early morning attempts around 9-10 AM looked promising but faded fast. Selling accelerated through afternoon and evening, with the biggest drop happening after midnight – classic liquidation territory where stop-losses create a domino effect.
The $0.21 level became a real battleground. DOGE tested it multiple times and held, even staging a small 1% bounce, showing some buying interest at these levels.
Smart Money Accumulating Dogecoin (DOGE) During Chaos
Here's where it gets interesting. While everyone else was freaking out, institutional players quietly built positions. That 310 million DOGE accumulation during the selloff? That's smart money recognizing a good deal.
Bit Origin just added 40 million DOGE to their treasury as part of a $500 million diversification move. This corporate adoption helps DOGE move beyond its meme coin reputation.
The volume spike tells its own story. When you see 1.25 billion DOGE traded in one hour, that's serious repositioning by big players making strategic moves.
What's Next for DOGE Price?
The big question is whether DOGE can hold the $0.21-$0.20 support zone. Break below that and we could see more downside. But if it holds with follow-through buying from institutions, things could get interesting.
DOGE is trading in a tight range post-selloff, which often happens before the next big move. The bounce off $0.21 is encouraging, but we need real buying volume to confirm this is more than a temporary pause.
Don't forget the bigger picture – crypto markets are dealing with macro uncertainty around inflation and Fed policy. The institutional accumulation story is definitely bullish. When smart money buys while retail sells, that's usually a good sign for what's coming next.
Usman Salis
