Dogecoin (DOGE) prices fell slightly on the 18th (local time), while large holders known as 'whales' are split over their investment direction. Spot outflows from exchanges continue, and institutional demand has yet to show signs of recovery.

According to overseas crypto media outlet CoinGape, Dogecoin traded at $0.069 as of the 18th (local time), down 0.55% over the day. Notably, Dogecoin exchange-traded funds (ETFs) have seen no new capital inflows since the 4th (local time).

■ Whales Place Opposing Bets with Buys and Sells

Citing CoinGlass data, CoinGape reported that on the 18th (local time), two whale investors opened large-scale positions in Dogecoin futures on Hyperliquid. One whale took a long position while the other took a short position, showing that even among large holders, views on Dogecoin are divided.

Based on CoinGlass data, CoinGape reported that the long position was worth $2.57 million. As of the time of writing, that investor had an unrealized loss of $19,250. Meanwhile, the investor who opened a $1 million short position had an unrealized profit of $8,210 at the same point.

Prior to these moves, CoinGape reported that ahead of a meeting on the 19th (local time) between U.S. President Donald Trump and cryptocurrency industry executives, whales bought 470 million Dogecoin worth $33 million.

■ Six Consecutive Days of Spot Outflows

Citing CoinGlass data, CoinGape reported that Dogecoin spot saw net outflows of $17 million from the 12th through the 18th (local time). The outflows continued for six consecutive days.

CoinGape explained that this trend suggests selling pressure is easing as Dogecoin holds its $0.069 support level.

■ ETF Institutional Demand Remains Weak

However, institutional buying demand remains weak. Citing SoSoValue data, CoinGape reported that no funds have flowed into Dogecoin ETFs since the 4th (local time). In August 2026, fund flows into Dogecoin ETFs appeared on only two days, which CoinGape interpreted as a sign of waning institutional interest.

Previously, CoinGape reported that Dogecoin ETFs recorded outflows of $525,000 in July 2026, marking their weakest month since launch. According to CoinGape, another $482,000 has flowed out so far in August, putting the month on track to be another weak one.

■ All Eyes on the $0.069–$0.073 Range

CoinGape analyzed that Dogecoin is currently moving within a narrow range of $0.069 to $0.073. With both buying and selling volumes weak, Dogecoin has traded within this range since July 17 (local time).

According to CoinGape's analysis, Dogecoin must close above $0.073 to begin an upward trend. Conversely, if it closes below the $0.069 support level, selling pressure could intensify, potentially pushing Dogecoin down to $0.065, its lowest level in years.

[This article is by no means investment advice. The content may only reflect opinions, so please do not use it as a reference or source for investment decisions. All investments are made at each individual's own judgment, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]