Dogecoin Breaks $0.24 Amid Whale Accumulation, MVRV Flashes Bullish Signal

Dogecoin (CRYPTO: DOGE) climbed above $0.24 following a sharp recovery from lows near $0.215. The rise is fueled by growing open interest in DOGE futures and an aggressive whale accumulation comprising a 393.6 million DOGE transfer (worth roughly $89 million) between unidentified wallets.

The transfer—flagged by Binance (CRYPTO: BNB)—kicked off a wave of volatility, triggering a V-shaped rebound from the $0.212–$0.217 support zone. The zone held firm despite recent selling pressure, supported by an uptick in spot volume and speculative inflows.

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According to The Tradable, open interest in Dogecoin futures jumped 63.9% over the past week to approximately $1.62 billion, pointing to heightened risk-taking as total derivatives volume remains tepid. The surge coincides with a broader altcoin rotation as traders reallocate profits from Bitcoin (CRYPTO: BTC) into higher-beta assets. Bitcoin’s breakout, driven by ETF approvals in Europe and Asia, appears to have revived risk-on sentiment among retail traders seeking faster upside.

According to CoinDesk Research, large holders have accumulated over one billion DOGE this month, increasing the total holdings of major addresses to roughly 26 billion coins.  A $40 million selloff by a single whale last week helped stabilize DOGE near $0.22, before this week’s rally. The distribution and subsequent rebound can be interpreted as a constructive signal, as the earlier whale selloffs have historically preceded periods of accumulation and upward price movement.

DOGE has broken back above key short-term moving averages, and chartists are closely watching the $0.224–$0.239 band. A symmetrical triangle is forming in this range, and a breakout above $0.239 could target $0.265. A breakdown under $0.224 would expose support levels near $0.210. Indicators like the RSI have turned bullish, crossing up from oversold territory on the weekly chart—an inflection point that has preceded prior DOGE rallies.

Per Binance, Dogecoin’s Market Value to Realized Value (MVRV) ratio stands near 55%, suggesting that over half of current holders are in profit. The level has acted as both a profit-taking threshold and, in some cases, a prelude to breakout rallies when demand tightens supply. While May’s scheduled issuance expanded the circulating supply, exchange-held DOGE has fallen below 2 billion coins, indicating a shift toward longer-term holding behavior.

The launch of a Dogecoin Trust by Grayscale Investments for accredited investors signals an institutional nod toward the asset’s legitimacy. Dogecoin is gaining traction as a speculative vehicle with growing exchange support and active development. Analysts remain cautiously bullish, especially as celebrity endorsements and cultural relevance, such as Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s backing,continue to influence retail behavior.

The outlook hinges on multiple macro and micro factors. If Bitcoin sustains momentum, spot-ETF headlines intensify, or social media sentiment spikes, DOGE could extend gains. Traders caution that Dogecoin may fall back to the $0.15–$0.20 support zone without those catalysts.

The blend of whale activity, tightening supply, and speculative positioning keeps the meme coin in play and on watchlists.

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