Dogecoin price drops below $0.081 amid whale accumulation

Dogecoin (DOGE) traded near $0.0802 on October 17, marking a decline of approximately 7.6% from its weekly opening price. The token fell below the $0.081 level, which analysts had identified as a key technical threshold.

On-chain data indicates that large holders, often referred to as whales, increased their holdings by approximately 600 million DOGE between October 12 and October 16, bringing total large-holder balances to 56.2 billion DOGE.

Technical analysts noted a daily TD Sequential buy signal near the $0.081 mark. Additionally, some traders observed that the current price action is testing a long-term monthly support trendline, similar to price movements seen in 2017 and 2020.