TL;DR

Dogecoin shows a rounding bottom with a converging triangle, and $0.29 remains the breakout level to watch. Whales added 680 million DOGE in August, signaling accumulation despite ongoing concerns of a 51% attack. Thumzup Media’s acquisition of Dogehash aims to expand capacity and create a leading Dogecoin mining platform.

Current Price and Technical Setup

Dogecoin (DOGE) was trading near $0.21 at press time, with a daily turnover of about $3.1 billion. The token declined by 2% in the past 24 hours and by nearly 14% weekly. Despite the drawdown, there are signs that a move is brewing.

Crypto analyst Crypto Zeinab pointed to a rounding bottom forming alongside a converging triangle. Resistance sits near $0.29, a key level that, if broken, could push DOGE toward $0.49 and possibly $0.80 later in the year. A similar setup in 2024 saw the price rally from $0.18 to $0.49.

$DOGE is showing a pattern similar to 2024. It’s forming a rounding bottom if it breaks $0.29, it could rally like last time from $0.18 to $0.49.

A converging triangle is also forming, which means a breakout might be coming.

If the pattern repeats, we could reach $0.80 in Q4. pic.twitter.com/ZhUQ8LRyGf

A separate view from Galaxy showed DOGE continuing its long-term cycle of accumulation and breakout phases. Since 2014, the meme coin has repeated a structure of sideways trading, followed by rapid upward moves, and then corrections back into new bases.

According to Galaxy, DOGE is in its third major accumulation stage, echoing the run-ups seen in 2017 and 2021. Price action on the monthly chart shows a steady rise along support, which has historically been the early phase before broader market interest returns.

Security Concerns and Whale Activity

DOGE came under pressure after the Qubic blockchain community voted to direct hashpower at Dogecoin for a possible 51% attack. Qubic previously targeted Monero, raising worries of similar disruption. The news coincided with weaker derivatives positioning, as DOGE futures open interest slipped 4% to $3.23B, according to Coinglass data.

Even with these risks, accumulation continued. Large holders added about 680 million DOGE in August, suggesting that whales are positioning for longer-term exposure despite near-term volatility.

Mining Expansion Through Acquisition

In corporate news, Thumzup Media Corporation, a Nasdaq-listed firm, confirmed plans to acquire Dogehash, a North American mining company focused on Scrypt assets like Dogecoin and Litecoin.

Dogehash owns approximately 2,500 ASIC miners and is likely to increase its capacity by the end of the year. The merged operation is projected to become one of the biggest Dogecoin mining networks globally, enhancing the industrial-scale infrastructure of the network.