Dogecoin Down 21% In A Month: What Is Going On With DOGE?

Dogecoin (CRYPTO: DOGE) is trading near a critical long-term support zone, with whale accumulation and on-chain data pointing to a potential inflection point for the meme coin.

DOGE Testing Key Level

Crypto chart analyst Ali Martinez said on June 8 that DOGE is testing the $0.081 level, a key area that aligns with the lower mid-range boundary of a multi-year parallel channel that has guided price action since 2021.

According to on-chain data, more than 30 billion DOGE last changed hands near this price level, creating one of the largest realized supply clusters on the network.

At the same time, large holders appear to be buying the weakness. Whale wallets accumulated more than 200 million DOGE over the past week, signaling continued interest around the current support zone.