Dogecoin (DOGE) reclaimed the closely watched $0.10 support level after a brief dip below it, with the token trading near $0.1026 as of May 23, 2026. The move comes as weak derivatives data suggests bearish sentiment, while on-chain metrics show large investors are buying the dip.
On-chain data provider Santiment shows that the largest whale cohorts are accumulating, providing a bullish counterpoint to the price weakness. "Wallets holding between 10 million and 100 million DOGE accumulated roughly 500 million tokens since May 17, signaling renewed interest from major players," according to a report analyzing the data. In contrast, mid-sized holders have shed about 330 million tokens over the same period.
The accumulation by whales defies bearish signals from the derivatives market. According to Coinglass data, Dogecoin’s futures open interest has declined to $1.40 billion from $1.62 billion a week ago. The long-to-short ratio stands at 0.92, its lowest level in over a month, indicating more traders are positioned for a price decline.
This price action has put traders on alert for a "fake breakdown," a historical pattern for Dogecoin where the price dips below a critical support level only to reclaim it before a significant rally. According to technical analysts, similar patterns preceded major rallies of over 10,000 percent in both 2017 and 2020. For now, immediate resistance is seen at the $0.112 mark and the 200-day Exponential Moving Average near $0.122. A failure to hold the $0.10 support zone could see the price revisit the $0.0885 demand area.
This article is for informational purposes only and does not constitute investment advice.
