Dogecoin (DOGE) Price Prediction: Whales Scoop $2B as DOGE Holds $0.23—Is $0.50 Next in August?

Dogecoin is bouncing back in mid-August, holding strong near $0.23 despite broader market sell-offs, hinting at renewed bullish momentum.

Blockchain trackers revealed that large holders, often referred to as whales, accumulated 2 billion DOGE last week, increasing total whale-controlled holdings to 27.6 billion tokens, or approximately 18% of the total supply.

A single transfer of 900 million DOGE, worth approximately $208 million, was flagged by Whale Alert, drawing attention from analysts. While the movement was linked to Binance wallets and may have been an internal transfer, market observers said the overall trend highlighted steady whale accumulation.

“Transactions above $1 million have reached a one-month high,” analyst Ali Martinez noted, adding that whale buying tends to precede periods of heightened volatility.

Dogecoin Price Shows Strength Amid Liquidations

At press time, the Dogecoin price traded at around $0.23, down about 4% over 24 hours but still up 2% for the week. Daily trading turnover stood near $6.2 billion, underscoring strong participation despite broader crypto market liquidations that topped $1 billion in a single session.

Whales are back—and Dogecoin ($DOGE) activity just hit a one-month high. Source: Ali Martinez via X

Dogecoin itself saw about 290,000 tokens liquidated, yet technical indicators signaled improving momentum. Analyst Trader Tardigrade highlighted that DOGE recently broke a descending resistance line, completing the fifth stage of an Elliott Wave pattern. Historically, such setups have paved the way for rallies.

The Stochastic RSI also shifted from oversold territory, a move that in previous cycles has marked the start of extended gains.

Bearish Scenarios Still in Play

Not all analysts are convinced of an imminent rally. Data from TheTradable showed that DOGE broke below key support levels at $0.22117 and $0.20078, confirming a bearish outlook in the short term. Downside targets at $0.18057 and $0.16977 remain in focus unless bulls reclaim the $0.22–$0.24 zone.

Dogecoin was trading at around $0.23, up 0.27% in the last 24 hours at press time. Source: Brave New Coin

If the Dogecoin price falls below $0.20, an accelerated move lower could occur, as selling pressure has intensified across altcoins.

Technical Indicators Point to Bullish Potential

On the bullish side, Dogecoin predictions have turned optimistic following the formation of a golden cross pattern, where the 50-day moving average crosses above the 200-day average. This signal, confirmed on August 14, coincided with a 7.48% price jump to $0.2524 on $5 billion in trading volume.

Dogecoin ($DOGE) is consolidating and primed for a major breakout. Source: Gordon via X

Analyst Chris projected a potential 300% rally, with intermediate price targets at $0.34 and $0.48, eventually aiming toward the much-discussed $1 milestone if momentum sustains.

“Dogecoin has the setup for another breakout,” trader Altcoin Gordon told followers, pointing to whale positioning and improving momentum indicators.

Outlook: Will Dogecoin Hit $0.50 in August?

For now, analysts see August as a pivotal month. If Dogecoin maintains whale support and breaks decisively above $0.27, projections suggest a rally toward $0.34–$0.48 in the short term.

Dogecoin (DOGE) is showing signs of potential growth, with analysts forecasting it could reach $1 if bullish momentum and investor interest continue. Source: Chris via X

However, failure to hold above $0.20 could expose DOGE to deeper losses. Traders are split between the bullish case of Dogecoin going up with whale backing and the bearish scenario of renewed sell-offs.

Whether Dogecoin can rally to $0.50 in August will depend on momentum, technical confirmations, and the broader sentiment across the crypto market. Still, with whale accumulation rising and Musk-linked hype never far from play, Dogecoin’s potential remains a topic of intense debate.