$1.28 Billion DOGE in One Day: Why DOGE Price Isn't Following

Dogecoin Price Trades in Red, But Whale Accumulation Rises

The dog-themed cryptocurrency Dogecoin (DOGE) is trading lower alongside the broader crypto market. Currently, DOGE has declined by 2.36% in the last 24 hours, with its price at $0.222.

The crypto market is showing mixed price action ahead of the Federal Open Market Committee's (FOMC) May meeting minutes release. Investors are closely watching for clues about the Federal Reserve's monetary policy decisions amid ongoing economic uncertainties.

Over the past day, the crypto market has seen $203 million in liquidations. Long positions accounted for $112 million, while shorts were liquidated for nearly $91 million.

Despite Dogecoin's price drop, its 24-hour trading volume has increased by 9.49%, reaching $1.29 billion according to CoinMarketCap data.

Dogecoin's price is currently trading between its 50-day ($0.191) and 200-day ($0.271) moving averages, indicating potential support at the lower end and resistance at the higher level.

The narrowing trading range suggests a potential breakout may be coming. A sustained rebound could test resistance at $0.27, with a successful breakout potentially pushing prices toward $0.30 and $0.35.

While market sentiment remains cautious - with Bitcoin funding rates turning negative and short positions increasing across major cryptocurrencies - Dogecoin whale activity has grown significantly. Wallets holding 100 million to 1 billion DOGE now control 26.5 billion coins, up from 22.8 billion in January.