Dogecoin drops, but whales buy 470 mln DOGE tokens – What’s next?

The popular meme-based cryptocurrency Dogecoin [DOGE] has garnered widespread attention from market participants amid the ongoing West Asia crisis.

The impact of this situation is evident across the broader crypto and global financial markets, which have experienced a significant downturn as the crisis enters its 24th day.

As of press time, DOGE declined by over 1.25% in the past 24 hours and was trading at $0.090. Over the past month, however, the memecoin has fallen by nearly 10%.

Whales add 470 million DOGE amid market dip

Despite the continued price decline, a well-followed local news outlet reported that whales are heavily accumulating amid the market dip. In a post on X, it was revealed that between the 18th and the 21st of March 2026, large holders purchased 470 millionn DOGE tokens.

Source: X/BSCNews

The report further noted that DOGE could potentially reach the $0.15 level in the coming days.

This significant accumulation amid weak market sentiment indicates growing confidence among large investors. It also suggests that major players may be positioning themselves ahead of a potential move, raising questions about whether the current price level presents a buying opportunity.

**Derivative tool flashes a mild bearish sentiment **

According to the derivatives analytics tool CoinGlass, DOGE’s short-term market sentiment is mildly bearish. Data from the DOGE Exchange Liquidation Map showed that intraday traders were heavily tilted toward short-leveraged positions rather than long ones.

Currently, $0.0892 on the downside and $0.0928 on the upside are the two major levels where traders are overleveraged, with $4.13 million worth of long positions and $12.37 million worth of short positions built up.

Source: CoinGlass

This bearish outlook is further demonstrated by another derivatives indicator, the Long/Short Ratio, which was at 0.9504 at the time of writing. So, short positions slightly outweighed long positions, reflecting cautious bearish sentiment.

DOGE chart signals potential 15% price jump

Dogecoin’s four-hour chart shows that the memecoin continues to trade within a prolonged parallel channel pattern between the lower and upper boundaries of $0.088 and $0.10383. The memecoin has traded within this range since late February 2026.

Source: TradingView

This is not the first time DOGE has reached the current level. In particular, the price has touched this zone multiple times, each time recording a strong reversal with an upward move.

Based on the current price action, if DOGE remains above the $0.0882 level, it may repeat its historical pattern and potentially reach the $0.1038 level. On the other hand, a downside move is only likely if DOGE fails to hold its key support level at $0.088.

At press time, the Average Directional Index (ADX), an indicator that measures trend strength, reached 39.47, well above the key threshold of 25, indicating a strong trend in the market, with the current momentum likely to persist.

Final Summary

• Whales added 470 million DOGE as the price hovered near a historic reversal area amid the ongoing market dip.
• Price action suggests that a potential 15% jump could be on the horizon, as the memecoin is trading near the lower boundary of a parallel channel pattern.