Whales scooped 2 billion DOGE from the market, while spot investors added only minimal buying pressure. Liquidity cluster on the chart shows a two way possibility for the asset.

Dogecoin [DOGE] is partly decoupling from Bitcoin [BTC] and Binance Coin [BNB], which have both set new all-time highs—suggesting a low probability of a DOGE rally in the short term.

Over the past 24 hours, DOGE slid 3%, at press time, while other top-10 cryptocurrencies by market capitalization continued gaining momentum.

Despite a 27% rise in the past month, the asset has struggled to reclaim previous highs, unlike BTC and BNB, which hit fresh peaks last week, and Ethereum [ETH], which is closing in on its own record.

Chart analysis points to liquidity outflows as the main driver. While investors sold DOGE holdings, liquidity flowed into BTC and BNB instead.

For example, between the 10th of May and the 22nd of June, DOGE fell 39%, confirming the outflow. In contrast, BTC dropped just 3.72% and BNB was down 7.06% in the same period.

Although all three assets rallied afterward, DOGE’s rebound merely brought it back to break-even, while BTC and BNB booked much stronger gains.

In the past week, whale addresses—known for large transactions—have accumulated 2 billion DOGE worth $480 million. This surge in accumulation suggests strong potential for a price breakout.

Spot market investors also joined in according to the Spot exchange netflow on CoinGlass, adding another $32 million, bringing the total inflow to just over $500 million.

This sustained buying could set DOGE up for one of its biggest moves in the coming trading sessions.

Liquidation charts show DOGE trading within two major clusters according to CoinGlass.

The upper cluster could act as supply, triggering a sell-off if tested. Conversely, the lower cluster could act as demand, pushing prices higher if reached.

Given the broader market’s bullish momentum and heavy whale accumulation, DOGE is more likely to trend higher.

However, a push into the upper liquidity zone could trigger significant selling before any attempt at a new higher high.