Whale of a problem: Dogecoin gets dumped at $0.09 and slides toward $0.081 🐳

Dogecoin [DOGE] failed to clear $0.09 this week, with the rejection dragging the memecoin to a low of $0.082, where it was trading at press time, down 3.07% over 24 hours and 4% over the past seven days. The token also lost the $0.085 support level it had held for the past week.

On-chain data points to heavy selling by large holders. Spot average order size has stayed positive over the past week, with large orders repeatedly appearing around $0.088 each time DOGE attempted to reclaim $0.09. Spot flows reinforce the pattern: on 19 June, exchanges recorded roughly $23 million in inflows over a 12-hour window and $12 million over an 8-hour window, against $20 million and $10 million in outflows over the same intervals.

Despite the selling, network usage has climbed. Daily Active Addresses reached 42,000 on 19 June, according to Santiment, the highest reading since April and a two-year peak.

Momentum indicators have tilted further bearish. The negative ADX component, smoothed with an SMA, has risen to 28, while the positive index has slipped to 15, a configuration consistent with a persisting downtrend.

If sellers remain in control, DOGE faces a potential drop below $0.08 toward $0.07, while a rebound in demand from new addresses could set up another attempt to reclaim $0.09.