Dogecoin found itself in choppy waters as selling pressure erased early gains, leaving the popular meme coin teetering on the edge of a critical support level. On August 18, 2025, DOGE slipped below the $0.23 mark, a key price point, after a late-session sell-off. This tumble comes amid a backdrop of global trade tensions and security concerns that continue to stir up turbulence in the broader cryptocurrency market.
Whale Accumulation Amidst Volatility
Despite the recent slide, whale investors are not shying away from Dogecoin. Large wallets have been on a buying spree, scooping up an additional 680 million DOGE in August alone. This brings their total holdings to a staggering 98.56 billion tokens, the highest accumulation seen in several months. Yet, even this aggressive buying hasn’t been enough to stave off market jitters. For more on whale activity and its potential impact on price movements, see Dogecoin (DOGE) Whales Go Crazy: Further Price Rally Incoming?.
“Whale activity often serves as a barometer for market sentiment,” noted crypto analyst Jamie Liu. “Their continued accumulation suggests a long-term bullish view, but the immediate price action tells a different story—one of caution and uncertainty.”
The much-anticipated golden cross, where the 50-day moving average surpassed the 200-day, appeared poised to ignite a rally. However, this bullish technical pattern proved insufficient in the face of overwhelming selling pressure. As traders grapple with the ongoing volatility, the question remains: Can DOGE find its footing, or is a deeper correction on the horizon? For more insights into the significance of this technical pattern, refer to Dogecoin to the Moon? DOGE Price Chart Forms Golden Cross for First Time Since November.
Security Concerns and Market Reactions
Adding to the market’s unease, Qubic’s community recently voted to target the Dogecoin network for a potential 51% attack, following a similar move against Monero. While such threats are not new to the crypto landscape, they do contribute to the overall anxiety that has gripped investors.
“The threat of a 51% attack, though not imminent, is enough to spook some traders,” said blockchain security expert Carla Ramirez. “Dogecoin’s resilience will be tested, especially if these threats materialize.”
Meanwhile, the escalating global trade wars are casting a long shadow over the crypto markets. Recent tariff announcements have fueled a risk-off sentiment, prompting investors to reassess their positions. This macroeconomic backdrop is amplifying the challenges for cryptocurrencies, with DOGE not immune to the ripple effects.
Technical Breakdown and Future Outlook
Technically speaking, Dogecoin’s price action paints a precarious picture. The token swung violently within a $0.02 range during the August 17–18 trading window, with intraday volatility hitting 7%. A midday surge to $0.24 on significant volume was swiftly reversed, underscoring the fragile nature of the current rally.
“Support at $0.23 is crucial,” explained market strategist Ethan Goldman. “A decisive break below this level could open the floodgates for further downside, while a rebound could set the stage for recovery attempts.”
Volume spikes accompanying breakdowns suggest a continuation of the bearish trend rather than a reversal. Traders are keeping a close eye on derivatives positioning, as open interest recently surged past $10 billion—a sign of heightened speculative activity.
As DOGE navigates these treacherous waters, market participants are watching for clues that could signal the next move. Will whales maintain their appetite for accumulation despite mounting security worries? And how will macroeconomic developments influence the crypto landscape in the coming months?
The road ahead is fraught with challenges, but also potential opportunities. As traders and investors brace for what lies ahead, the resilience of Dogecoin—and the broader market—will be tested as never before.
Source
This article is based on: Golden Cross Fails to Lift DOGE as Sellers Overwhelm Rally
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
