Whale Goes on a $2M Dogecoin Shopping Spree to Buy the Dip After DOGE Crashed By 18%

Dogecoin (DOGE) crashed by 18% this week, urging folks to invest in the meme coin at a discount by purchasing the dip.

CoinMarketCap data shows the coin is now trading for $0.1900 after slipping back to Wednesday’s daily low. At the same time, Dogecoin and Solana became among the top 20 coins by market cap to face big losses last week.

One of the wallets that scooped up the dip is linked to a $2M+ buy of 11 million DOGE, signaling ongoing bullish sentiment from investors looking to capitalize on the price drop after the meme coin dipped following Trump’s return to the White House.

Dogecoin surged into action on U.S. election day and continued its rally after President Trump secured the win.

Open interest for the leading meme coin has also taken a sharp dive, and now sits at $1.91 billion, per CoinGlass. This figure represents the total value of active trades speculating on the asset’s future price. In January, Dogecoin’s open interest had peaked at an all-time high of $5.25 billion.

Once a little-known meme coin—born from an Internet joke in 2013—Dogecoin has since grown to become a major player in the crypto meme coin ecosystem.

Buy the Dip Investors Are Betting On Dogecoin (DOGE)

While Dogecoin Price had declined from its peak since the days when Tesla and SpaceX boss Elon Musk’s tweets helped catapult it into the spotlight, the meme coin still commands a massive following.

Musk’s endorsements fueled a strong surge in market cap, transforming DOGE into what some consider a “serious” cryptocurrency. Though its price has since pulled back, trading activity remains strong—with $2.2+ billion worth of DOGE changing hands in the past 24 hours, according to CoinMarketCap.

A wallet that previously snapped up $2 million worth of DOGE has continued accumulating, adding another 1.8 million tokens on Thursday. Meanwhile, another user has also expanded their holdings, scooping up an additional 1.056 million DOGE.

The Trump Administration’s Impact on Dogecoin Price Action

Dogecoin surged back into the spotlight last year after Musk claimed on the campaign trail that Trump would let him establish a government department named after the coin’s ticker: DOGE, or the Department of Government Efficiency.

That said, it’s worth noting that the world’s richest man, who now holds a prominent role in Trump’s administration has been supprotive of DOGE.

However, he stated in October that he makes Dogecoin jokes simply because he likes cryptocurrency.

Final Take

As Dogecoin price remains near lower support levels, dip-buying investors are seizing the opportunity to accumulate at a discount. However, a significant bullish move may require major positive news to drive the price action higher. As for now, the price of the DOGE/USDT pair lies at $0.19.