Dogecoin Trades at Deep Discount as Musk Returns to Crypto
Dogecoin (DOGE)
Editor:
Eugene Serbin
u.today reports that Elon Musk returned to crypto news feeds this week by reacting with a terse "lol" to an archived screenshot of his profile from the NFT boom. Although this gesture was merely nostalgic irony rather than a signal of a new pump, his appearance prompted Dogecoin holders to assess the asset's position. The leading meme coin has entered a zone of rare and deep discount, with its 365-day MVRV ratio falling to -19.26% according to Santiment Intelligence.
This negative ratio indicates that most one-year holders are sitting on unrealized losses and are psychologically unprepared to sell. Sanbase classifies these levels as a "strong buy zone" from which the asset has historically staged clean rebounds due to a lack of selling pressure. At the same time, blockchain trackers recorded a transfer of 250,000,000 DOGE from an anonymous wallet to Binance.
Whale Alert reported this transfer was worth about $23.2 million at a price of $0.093. While such inflows are usually interpreted as preparation to take profits, DOGE's resilience to spot selling pressure suggests this may be an internal redistribution of liquidity. Historically, September closes in positive territory with an average return of +12.5%, and the coin is currently up 14% so far this month. The coin has completed its speculative shakeout and is trading at a deep discount ahead of a potential Q4 rally.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 24 September 2026. Not the outlet's figures.
Whalio's Binance spot data for DOGE shows a price of $0.09272 with a 24-hour buy ratio of 53.4%, indicating that buyers are currently in control of the daily flow. However, the 1-hour buy ratio stands at 53.0% while the 4-hour ratio dips to 48.7%, suggesting that short-term buying pressure is slightly weaker than the broader daily trend. The 24-hour volume delta is positive at +$12,741,721, confirming net accumulation over the day, whereas the 4-hour delta is negative at -$770,344, indicating recent profit-taking or reduced demand in the immediate term. The 1-hour volume delta is positive at +$345,950, showing that buying has resumed in the most recent hour. Essentially, while the daily trend is bullish, the 4-hour snapshot reveals a brief period where selling exceeded buying before the latest hour corrected this imbalance.
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.
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 49.3%, meaning today's 24-hour buy ratio of 53.4% is 4.1 percentage points higher than the weekly average. This shift indicates that today is an unusually bullish day for DOGE compared to the recent norm. Spot volume today was 1.59 times the weekly average, reflecting significantly heightened activity. The 8-day volume delta totaled +$18,883,795, while today's 24-hour delta contributed +$12,741,721 to that total. This volume surge coincides with an 8-day price change of +14.6%, highlighting a strong upward momentum that exceeds the typical weekly trading behavior.