Dogecoin (DOGE) has seen a notable price increase in early August 2025, with its value reaching $0.23, driven by aggressive accumulation from large institutional investors and whale traders. Over the course of two days, more than 1 billion DOGE were purchased, with over $200 million worth of the token acquired in a 24-hour period. Prominent crypto firm Bit Origin was reported to have bought 40 million DOGE in early August, further fueling the market activity [1]. The price movement was marked by strong institutional participation, as whale investors acquired significant portions of the circulating supply, pushing the price from $0.22 to $0.23—a 4% increase—over a 48-hour span [1].

The $0.22 level proved to be a strong support area, reinforced by whale purchases. In contrast, $0.23 emerged as a key short-term resistance, limiting further price appreciation despite increased buying interest. The price briefly pulled back to $0.227 in the final hour of trading, signaling increased institutional selling and a breakdown on 11.4 million volume. A sharp spike in volume—24.1 million—shortly after indicated a potential exit by larger traders [1]. These dynamics suggest that while large investors were buying aggressively in the short term, they were also actively managing their positions and possibly locking in profits.

Technical analysis has identified $0.22 as a critical psychological support level and a volume-driven threshold that has historically prevented further declines. Meanwhile, the $0.23 resistance remains a near-term ceiling unless there is a significant escalation in buying pressure. Elevated trading volumes and the presence of large holders indicate that the market is in a tug-of-war between bullish and bearish forces, with short-term volatility expected to persist [1].

The price surge has also sparked new forecasts, though these remain speculative. One analyst predicts that Dogecoin could reach $0.40 within a year, citing potential catalysts such as new ETFs, pro-crypto regulations, and lower interest rates [2]. Another prediction, from a machine learning model, suggests that Dogecoin could reach $1 before 2026 [3]. However, analysts caution that these forecasts are not based on immediate market fundamentals and require sustained institutional and retail interest to materialize.

Recent on-chain data supports the view that while whale accumulation can drive short-term price gains, the sustainability of these moves depends on broader market participation. Historical patterns from 2021 and 2023 suggest that whale-driven rallies often result in temporary price increases but lack long-term momentum without wider adoption [1]. The latest buying activity appears to follow a similar pattern, with increased speculative interest but no clear sign of a structural shift in investor sentiment.

Market sentiment has been further bolstered by a 12% rally in the past 24 hours, with Dogecoin benefiting the most from the broader crypto market rebound [4]. The price currently stands at $0.2222, with a 3.7% rise in the past day and a 7.4% increase in the past week [5]. These figures highlight the strength of the recent momentum, although analysts emphasize that the market remains highly volatile.

Overall, the recent rally has reignited bullish sentiment across the meme coin space. However, the sustainability of the gains remains contingent on broader market adoption and institutional support. As traders and analysts continue to monitor the situation, the coming weeks will be crucial in determining whether Dogecoin can maintain its upward trajectory or face a potential correction [1].

Source:

[1] DOGE Hits 23-Cents on Whale Buying, Supply Zone Stalls Breakout (https://www.coindesk.com/markets/2025/08/09/doge-hits-23-cents-on-whale-buying-supply-zone-stalls-breakout)

[2] Prediction: Dogecoin Will Be Worth $0.40 in 1 Year (https://www.fool.com/investing/2025/08/08/prediction-dogecoin-will-be-worth-040-in-1-year/)

[3] Dogecoin to $1 Before 2026? ChatGPT Gives Bullish (https://www.mitrade.com/au/insights/news/live-news/article-3-1026039-20250809)

[4] Dogecoin Rallies 12% as Crypto Prices Rebound (https://cryptodnes.bg/en/dogecoin-rallies-12-as-crypto-prices-rebound-can-doge-hit-3-in-august-or-will-maxi-outperform-it/)

[5] Dogecoin Charts Signal Breakout Pattern, $1 Target in Sight (https://thecryptobasic.com/2025/08/08/dogecoin-charts-signal-breakout-pattern-1-target-in-sight/)