Dogecoin Price Drops 12% as Whales Exit and Short Interest Rises
Dogecoin (DOGE)
Editor:
Eugene Serbin
Bitcoinethereumnews.com reports that Dogecoin has declined more than 12% over the past week, trading at $0.082. Net selling activity has persisted for three consecutive days starting August 28, with sales outpacing purchases by approximately $21 million. Large wallet holders between 1 million and 100 million DOGE liquidated roughly 260 million tokens from August 21, while smaller whales holding 100,000–1 million tokens acquired about 10 million DOGE during the same period.
Open interest in futures contracts dropped from $1.58 billion to $1.27 billion, indicating traders are closing leveraged long positions. Long position liquidations totaled $5.96 million on August 31, significantly exceeding the $833,000 in short liquidations. The aggregate long/short ratio stood at 0.87, showing a higher concentration of bearish positions.
Futures trading volume surged 99% to $1.34 billion as participants reacted to volatility. Technical analyst Trader Tardigrade noted a Hanging Man candlestick pattern at resistance, projecting a downside target of $0.07. Institutional participation showed modest growth, with DOGE ETF products recording two weeks of positive inflows totaling $800,000 since August 17. Funding rates flipped to positive territory at 0.0010%, offering a marginally constructive signal from perpetual futures markets.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 1 September 2026. Not the outlet's figures.
Whalio data shows Dogecoin trading at $0.08285 with a 1-hour buy ratio of 51.8% and a 4-hour buy ratio of 51.5%, both slightly above the 24-hour ratio of 51.1%. This indicates that buying pressure is currently building in the short term compared to the broader daily trend. The 1-hour volume delta is positive at +$55,657, while the 4-hour delta is +$206,294, suggesting net buying activity in recent hours. However, the 24-hour volume delta is +$845,422, contrasting with a negative CVD of -$349,544, which implies that while volume is net positive, large orders may be absorbing liquidity. Net buying occurred in 13 of the last 24 hours, with spot volume reaching $37,276,395 and 462,196 trades executed.
The latest daily buy ratio of 37.6% sits at the 0th percentile of the last 322 days, against a median of 48.9% - among the weakest buying days it has had.
Twenty-four hours later
What DOGE did over the 22 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for DOGE, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.4%, making the current 24-hour ratio of 51.1% an increase of 1.7 points. Trading volume for the latest day was 0.59x the weekly average, indicating lower participation than usual. This is an unusual day for the coin, as volume is notably below the weekly norm despite the slight uptick in buy ratio. The 8-day volume delta totaled -$2,717,905, contrasting with the positive 24-hour delta, showing that the recent buying is a reversal of the week's overall net selling trend. Price has changed -8.1% over the last 8 days, with only 4 of the past 7 days showing net buying.