Dogecoin Millionaires Buying DOGE Dip
18 Mar, 2025 ● Coin news
Dogecoin has experienced a steep drop of over 70% since reaching a high of $0.48 in December 2024, now trading at $0.1704.
Despite the decline, the largest holders of the meme-inspired cryptocurrency have been accumulating, suggesting they anticipate a recovery in the near future.
According to onchain data from Santiment, wallets with at least 1 million DOGE have grown by 1.24% since early February, even as the token’s price has fallen.
Simultaneously, the number of active addresses has jumped to a four-month peak, indicating increased network activity.
This kind of accumulation by large holders during a downturn often suggests they believe the asset is undervalued and are positioning for a possible price recovery.
The rise in active addresses signals higher engagement on the network, which could reflect growing interest from retail participants.
If this uptick in user activity is being driven by real-world usage rather than speculative behavior or panic selling, it may provide the onchain momentum needed for a price rebound—mirroring a similar trend seen during DOGE’s more than 200% rally in November.
Currently, Dogecoin is testing a critical support zone formed by a long-term ascending trendline and the 200-week exponential moving average (EMA), both located around $0.13.
Historically, this level has marked strong reversal points.
The Stochastic RSI, which helps assess momentum and overbought or oversold conditions, is showing a bullish crossover in the oversold zone—below the 0.30 mark.
This typically signals that downward pressure is fading. In previous instances, similar signals have preceded significant rallies for DOGE, including a 400% surge in 2024 and an 88% rise in 2023.
The next key resistance zone is around $0.22, which corresponds to the 50-week EMA (marked in red) and the resistance range observed in March–April 2024.
However, if Dogecoin is unable to maintain support at this confluence zone, the bullish outlook may no longer hold.
In that case, the price could slide further toward $0.12, a level that previously provided support between March and May 2024.
Sources:
https://cointelegraph.com/news/dogecoin-millionaires-buying-dips-doge-30-price-rally
