Dogecoin [DOGE] may be moving to its own beat lately, showing signs of decoupling from giants like Bitcoin [BTC] and Binance Coin [BNB]. While BTC and BNB have been smashing all-time highs, DOGE has been limping behind, hinting that a short-term breakout might not be around the corner.
Over the last 24 hours, DOGE slipped 3%, even as most other top-10 cryptos kept pushing higher. Yes, the meme coin is still up 27% over the past month, but it hasn’t managed to reclaim its previous highs, unlike BTC and BNB, which have been on a record-breaking spree, and Ethereum [ETH], which is closing in on its own.
The culprit? Liquidity outflows. Funds that could have fueled a DOGE rally have instead poured into BTC and BNB. Between May 10 and June 22, DOGE sank by 39%, while BTC fell just 3.72% and BNB only 7.06%. Even after the market’s rebound, DOGE has simply clawed back to even, while its rivals sprinted ahead.
$480M DOGE Whale Move Sparks Hope
In the past week, something big happened, literally. Whale wallets, known for making massive moves, scooped up 2 billion DOGE, valued at roughly $480 million.
Spot traders joined the party too, according to CoinGlass’ spot exchange netflow data, adding another $32 million into the mix. That means over half a billion dollars worth of DOGE found its way into strong hands in just days.
If this buying pressure sticks, it could be gearing up for one of its sharpest moves in months.
The DOGE Liquidity Trap: Which Way Will It Go?
CoinGlass liquidation charts show DOGE stuck between two big liquidity clusters. The top cluster could act as a supply wall, where sellers take profits and knock prices back down. The lower cluster, on the other hand, could act as a demand zone, sparking buying pressure if prices drop.
Source: coinglass
With the broader market still leaning bullish and whales stacking up DOGE, momentum seems tilted toward the upside. But here’s the catch, if it runs into that upper liquidity zone too fast, expect some heavy selling before any real attempt at breaking higher.
The Big Question
If whales keep buying and the spot market stays supportive, DOGE could finally make a serious push. But without follow-through from retail traders and broader liquidity inflows, it risks getting stuck in the same range again.
As one trader put it:
“Whales can start the fire, but retail traders keep it burning. Without both, DOGE just flickers.”
Right now, the fire is lit, whether it turns into a blaze is what the next few sessions will decide.
