Dogecoin is currently experiencing selling pressure following a significant transfer of 900 million DOGE, valued at over $200 million, to Binance. This transfer sparked fears of a broader sell-off, causing DOGE's price to drop from $0.25 to test support at $0.23. Despite this dip, on-chain data reveals that whales accumulated 680 million DOGE throughout August, indicating a balance between selling and buying activity. The price has settled in a narrow range of around $0.22, with strong support at $0.219 and resistance at $0.225. Trading volume spiked to 1.26 billion tokens during peak institutional participation, suggesting rising interest, although overall activity is declining. Traders are closely monitoring whether the $0.219 support holds against potential further selling, and indications of renewed leverage in futures markets could affect DOGE's upcoming directional moves.

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