Dogecoin slides after record liquidations as whales accumulate

Dogecoin plunged in late-night trading this week as a record volume liquidation coincided with heavy whale buying and fresh institutional interest in a spot ETF, leaving the meme coin at a technical crossroads. The token slid from roughly 0.27 to the mid 0.20s during the September 21 session, with a midnight collapse that traders said drove prices as low as 0.23 and left DOGE consolidating near 0.24 to 0.25.

Market data show the selloff was unusually large. One report put the midnight volume at about 2.15 billion DOGE, dwarfing the daily average, and Coinglass data recorded roughly 9.2 million in liquidations over 24 hours, including 6.8 million in long positions. At the same time, onchain analytics firm Santiment and chart analyst Ali Martinez flagged significant accumulation by large wallets. Martinez said wallets holding between 100 million and 1 billion DOGE added about 2 billion tokens over 48 hours, and BitInfoCharts data indicated a modest increase in large-holder addresses.

Technical readings give a mixed picture and differ by time frame. Shorter term traders point to a Wyckoff accumulation structure on the one-hour chart that could presage a rebound, with Trader...