Dogecoin reaches $0.1242: bullish technicals but whales are reducing their holdings

【Crypto World】Dogecoin has been performing quite well recently. The trading price remains above $0.12, with a market capitalization approaching $2.97 trillion, up 1.02% in the past 24 hours, currently quoted at $0.1242.

From a technical perspective, the signals are positive. The MACD indicator shows a bullish crossover, and the RSI has been steadily rising from 44, indicating that upward momentum is building. Some analysts even claim that Dogecoin could reach $1 by 2026. It sounds quite tempting, but the obvious issue is—the supply of 168 billion coins is still there. To increase the price by 8 times, continuous inflows of capital are needed.

Trader sentiment is indeed heating up, with open interest rising to $1.51 billion, which usually reflects increased market participation and optimistic expectations. However, on-chain data has poured cold water on this optimism—large whales recently dumped about 150 million Dogecoins. That’s a significant move and clearly signals a bearish outlook.

So, the current situation is a bit ironic: technicals are bullish, but whales are withdrawing. How this game will unfold behind this mismatch remains to be seen.