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Investors into the Kraken cryptocurrency exchange have been busy accumulating Dogecoin (DOGE) in the last 12 hours. As per CoinGlass data, traders have bought up to 4.5 million DOGE worth $407,450 within this time frame.
Key support keeps DOGE's bullish hopes alive
The move suggests that Kraken traders are interested in leveraging Dogecoin’s crash in price to increase their portfolios.
Notably, Dogecoin dipped as a result of forced selling from leveraged positions as long traders exited their positions. This triggered a rapid downward movement in price for traders betting bullish on the meme coin.
Additionally, the broader crypto market pullback and drop in Bitcoin’s price have also impacted the bearish outlook for DOGE. Despite this downward movement, Kraken users are seeing the price slip as a buy opportunity.
The move suggests that these traders are confident of a rebound in the price of the meme coin in the coming days. This is despite DOGE trading below key moving averages on the market. In the last seven days, DOGE has lost over 10% of its gains, but traders remain optimistic of a possible recovery.
This optimism rests on the $0.088 support, which has continued to hold despite the meme coin’s volatility in the last couple of days. If DOGE is able to defend this support ahead of the Qubic network stress test on April 1, 2026, it could push for higher levels.
Interestingly, at the beginning of the second week of March 2026, a massive transfer was recorded, leaving Kraken to an unknown wallet. A total of $28 million in Dogecoin exited the exchange in a move that market observers considered whale accumulation.
This series of events signals that investors are betting on price recovery and consider the current level a good bargain to increase their holdings.
Dogecoin and growing investor engagement
As of this writing, Dogecoin exchanged hands at $0.09404, which represents a 0.47% decline in the last 24 hours. The earlier price dip saw the price drop to a daily low of $0.0893 before reclaiming the current level.
DOGE’s trading volume is up by 11.67% to $953.86 million, signaling increased engagement from investors on other exchanges, aside from Kraken.
Other crypto trading platforms that have also recorded increased purchases of Dogecoin within the 12-hour time frame include Gate, with $318,380, Bitget with $203,570 and Coinbase with a total of $186,620.
Meanwhile, Dogecoin’s technical signals, like the Bollinger Bands, indicate that the meme coin could record an uptrend. How soon this will happen remains of interest to market participants.
Dan Burgin
Vladislav Sopov
