ambcrypto.com 
Dogecoin [$DOGE] is down 3% in the past 24 hours and 10% this week. The decline comes as the broader memecoin market lost more than 4%, though it still holds a sizeable market capitalization.
Dogecoin sentiment appears to be shifting as traders anticipate a rally ahead of the SpaceX IPO. Earlier, Elon Musk confirmed that full payment for the SpaceX IPO would be accepted in $DOGE, potentially boosting demand.
Even so, $DOGE’s market capitalization continues to decline. At the same time, whales appear to be returning as the memecoin trades near a historically important price level.
Why are whales buying $DOGE again?
On-chain data suggested that whale accumulation has returned in force. Over the past week, large holders bought more than 240 million $DOGE.
According to Santiment data, whale holdings increased from 18.60 billion $DOGE to roughly 18.84 billion $DOGE. Buyers accumulated more than 40 million $DOGE per day on average over the past five days.
Source: Ali Martinez/X
This accumulation coincided with demand levels last seen five years ago when Elon Musk announced that SpaceX would accept Dogecoin [$DOGE] payments. The move was later backed by Justin Sun.
Interestingly, price action is also aligning with those historical demand levels. That setup could strengthen the bullish case if buying pressure continues.
That shift left traders focused on whether the current accumulation phase could translate into a broader recovery.
Has Dogecoin found its bottom?
On higher-timeframe charts, Dogecoin is trading near $0.08044. This level previously served as the launch point for the move toward $0.50.
The market revisited this support zone in mid-2024. It later swept liquidity below the level and reclaimed it. Traders tested the same area again in February.
Looking at previous bear market cycles, $DOGE has repeatedly gravitated toward the $0.06-$0.08 range. The zone continues to attract interest from long-term holders and spot buyers.
According to UTXO Realized Price Distribution (URPD) data, more than 30 billion $DOGE last moved near $0.081. This makes the zone a major psychological and financial support area.
A bounce from current levels to the local range high at $0.11824 would represent a gain of roughly 47%.
Source:
$DOGE/USDT on TradingView
Having said that, $DOGE has yet to form a clear reversal signal. That means the market may still require additional confirmation before a durable bottom is established.
Only a successful reclaim of $0.11824 as support would strengthen the long-term bottom thesis. It has taken $DOGE nearly two years to revisit the current price zone.
Altogether, whale accumulation, URPD positioning, and the weekly chart structure suggest $DOGE may be approaching a major bottoming area. However, confirmation remains limited until higher resistance levels are reclaimed.
Final Summary
- More than 30 billion $DOGE last changed hands near $0.081, reinforcing that level as a strong holder cost basis.
- Dogecoin remains below the resistance needed to confirm a long-term trend reversal, despite signs of accumulation.
