Dogecoin Down 8%, But Institutions Accumulate 310M DOGE at $0.21 Support Level

Dogecoin (DOGE) came under heavy pressure over the last 24 hours, dropping 8% from $0.22 to $0.21 amid a significant rise in trading activity. Despite the decline, on-chain data points to opportunistic buying by large holders near key support levels, suggesting accumulation during weakness.

Market Snapshot

DOGE traded within a volatile $0.03 band between $0.20 and $0.23 on July 31, with bulls failing to break above resistance at the upper end. Momentum reversed through the afternoon and into the evening, culminating in a steep selloff around midnight UTC. During that period, trading volume surged to 1.25 billion DOGE—more than triple the 24-hour average of 365 million—indicating widespread liquidations and forced exits across derivatives markets.

The token eventually stabilized at $0.21, where it found repeated support, and closed the session with a minor rebound.

Institutional Footprint Grows

Despite the sharp pullback, institutional interest appears to be rising. On-chain metrics reveal that wallets linked to large holders accumulated roughly 310 million DOGE during the correction, signaling strategic buying around support.

Separately, Bit Origin—a digital asset infrastructure firm—disclosed a 40 million DOGE purchase as part of its $500 million treasury diversification initiative, highlighting DOGE’s evolving role in corporate asset allocation strategies.

Macro Pressure Still Weighs

DOGE’s decline mirrors broader softness across crypto markets, driven by macroeconomic uncertainty. Investors continue to weigh inflation trends and central bank policy direction, with risk appetite particularly sensitive to data from the U.S. and Asia. As a result, sentiment remains fragile despite isolated signs of buying strength in specific altcoins.

Price Recap

Daily Range: $0.20 (low) to $0.23 (high)
24-Hour Change: -8%
Peak Hourly Volume: 1.25B DOGE (vs. 365M daily avg)
Session Close: $0.21
Final Hour Move: 1% gain from $0.21 to $0.212

DOGE closed near the lower end of its range but held above key support, suggesting the selloff may be losing momentum as demand begins to rebuild.

Technical Overview

Resistance at $0.23 remains firm after multiple failed breakouts
Support at $0.21 has been repeatedly tested and held
Volume spike indicates potential capitulation, with narrowing price action hinting at consolidation
Accumulation by institutions and corporate treasuries could provide a floor in the near term

Looking Ahead

Can DOGE hold the $0.20–$0.21 support range over the next few sessions?
Will accumulation by large wallets continue or fade as volatility cools?
How will macroeconomic data impact broader crypto sentiment?
Could Bit Origin’s DOGE allocation spark interest from other treasury allocators?