Key TakeawaysDogecoin declined 2.48% to $0.082 on August 31, marking three consecutive days of net selling pressureLarge holders possessing 1M–100M DOGE have offloaded approximately 260 million tokens starting August 21Futures open interest contracted from $1.58 billion down to $1.27 billion as long positions get unwoundDOGE exchange-traded funds have attracted $800,000 in fresh capital since August 17, bringing total net assets to $12.33 millionCritical support level established at $0.082; failure to hold could trigger a decline to August’s $0.069 lowThe popular meme cryptocurrency currently sits at $0.082 following a weekly decline exceeding 12%. Net selling activity has persisted for three straight days beginning August 28, with DOGE sales outpacing purchases by approximately $21 million throughout this period.Dogecoin (DOGE) PriceLarge wallet holders represent a significant component of the current narrative. According to Santiment tracking data, addresses containing between 1 million and 100 million DOGE have liquidated roughly 260 million tokens beginning August 21. Meanwhile, smaller whale addresses holding 100,000–1 million tokens picked up approximately 10 million DOGE during the identical timeframe — a behavior typically associated with distribution cycles rather than strategic accumulation.Futures Activity Points to Weakening ConvictionOpen interest in Dogecoin futures contracts fell from $1.58 billion to $1.27 billion, suggesting traders are closing out leveraged long positions. Liquidations of long positions totaled $5.96 million on August 31, significantly exceeding the $833,000 worth of short position liquidations recorded during the same trading session.The aggregate long/short ratio registered 0.87 on August 31, indicating a higher concentration of bearish positions compared to bullish ones. Trading volume in futures markets surged 99% to reach $1.34 billion, reflecting heightened market participation as participants respond to ongoing price volatility.$Doge/monthly — Inverted Chart#Dogecoin just formed a Hanging Man candle at resistance — a textbook bearish reversal pattern. Hanging Man at resistance Bearish reversal signal Target: $0.7 This is the third time the Inverted Chart has flashed this exact setup —… pic.twitter.com/IuHTucR0Ck— Trader Tardigrade (@TATrader_Alan) August 31, 2026Technical analyst Trader Tardigrade identified a concerning formation on the monthly inverted chart, observing that Dogecoin developed a Hanging Man candlestick pattern at a key resistance zone. He emphasized this marks the third occurrence of this identical setup, with both previous instances preceding significant price declines. His projected downside target sits at $0.07.Institutional Products Show Modest DemandCountering the bearish technical landscape, institutional participation has demonstrated modest growth. Dogecoin ETF products have registered two consecutive weeks of positive inflows accumulating $800,000 since August 17. This represents a reversal from July’s challenging period, which saw net outflows of $525,000 from these investment vehicles.Source: SoSoValueAggregate net assets held within DOGE ETF products currently total $12.33 million, representing 0.09% of Dogecoin’s overall $12.87 billion market capitalization.DOGE funding rates flipped to positive territory, registering 0.0010% on Monday, offering a marginally constructive signal from perpetual futures markets.From a charting perspective, DOGE is consolidating within a descending triangle formation. Immediate support is positioned at $0.082. Overhead resistance zones include $0.088, followed by the 200-day exponential moving average at $0.093, and subsequently $0.102.The Relative Strength Index registers 36 on the four-hour timeframe, while the MACD indicator has crossed into slightly negative territory. Dogecoin maintains its position above the 100-day EMA at $0.081 and the 50-day EMA at $0.078, though it continues trading beneath the 200-day EMA at $0.093.A decisive break below the $0.082 support zone could catalyze a retracement toward $0.069, corresponding to August’s monthly low.The post Dogecoin (DOGE) Under Pressure as Whales Exit and Short Interest Climbs appeared first on Blockonomi.