Dogecoin (DOGE) has bounced back, closing at $0.22 after a sharp recovery from intraday lows of $0.21. This surge was fueled by a late-session spike in trading volume and significant buying from large investors, or “whales.”
The recovery comes despite ongoing security risks tied to a potential 51% attack from Qubic, which has previously caused concern among retail traders. However, on-chain data reveals that large holders have accumulated over 680 million DOGE throughout August, absorbing the selling pressure from smaller investors.
After a mixed day for the broader crypto market, DOGE’s price action was marked by a V-shaped recovery on August 20. A massive volume spike of 9.29 million in the final hour of trading confirmed strong buying interest from institutional-sized buyers.
Going forward, traders are watching to see if DOGE can turn $0.22 from a resistance level into a support level, which could pave the way for a move toward $0.23–$0.24. The sustainability of the recent buying momentum and continued whale behavior will be key factors to watch.
August 2025, Cryptoniteuae
