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Musk bought 200 million DOGE units? Traders prepare for bigger market

2026-07-22 00:36:26
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DOGE held steady above US$0.073 after transferring 200 million tokens through Robinhood, a transfer that intensified market speculation about the identity of the buyer and triggered expectations of sharp price fluctuations.

Key points:

Open interest in dogcoin rose to more than US$1.08 billion, and traders paid close attention to the clearing-intensive area near US$0.074.

There is no wallet evidence linking Elon Musk to the 200 million DOGE deal.

Support is between US$0.0710 and US$0.0726, while resistance extends from US$0.0754 to US$0.0796.

Dogecoin transfer incident

It was reported that a single transaction appeared on Robinhood on July 21, when Dogecoin rose slightly within the day. The shift attracted attention because derivatives positions were already high, with open interest exceeding $1.08 billion. The identity of the buyer has not yet been identified. Musk's name quickly entered market discussions because his past remarks had influenced market sentiment in Dogecoin on many occasions, but the report did not cite any wallet data or other evidence linking him to the purchase. Therefore, this speculation still lacks support.

Traders are focusing on an intensive clearing area near $0.074. If this level can be continuously exceeded, it may force short positions to close their positions, thereby increasing buying pressure; if the breakthrough fails, it may put leveraged bulls at risk.

Dogecoin outlook

Dogecoin recently regained its 50% Fibonacci retracement level near US$0.074 and is currently trading near the region. The key test now is whether buyers can turn it into support. Liquidation data showed support between US$0.0710 and US$0.0726, and resistance between US$0.0754 and US$0.0796. The Supertrend indicator also marked a short-term top of approximately US$0.0796, while spot demand and balanced trading volume remained weak.

If you hold US$0.074, the price may move towards US$0.0755 and US$0.076 as short positions are closed. There is still the possibility of fluctuations in the range between US$0.071 and US$0.074, and a break below US$0.071 could push the token price down towards US$0.070. Analyst Trader Tardigrade cited longer-term cycle targets of $0.653,$0.70 and more than $1.25. These forecasts rely on the broader cryptocurrency bull cycle and do not reflect the current market landscape.

The short-term direction may also depend on Bitcoin (BTC), which generally affects trading across the cryptocurrency market. Dogecoin's repeated pattern of weak spot demand, high leverage, and Musk-related speculation makes unexplained token transfers often a powerful catalyst for sudden volatility.

Disclaimer:

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