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The price of Dogecoin (DOGE) remains stable, staying above the important support level of $0.14. However, other popular meme coins like PEPE and Dogewifhat (WIF) have experienced significant drops, exceeding 30% in losses.

A detailed examination of Dogecoin’s on-chain data reveals that sustained purchasing activity from large investors, known as whale investors, has been supporting DOGE prices over the past few weeks. Will Dogecoin bulls take advantage of the opportunity to initiate a quick recovery above $0.20, or will prices decline below $0.14 in the coming days?

Dogecoin’s Resilience Amid Crypto Downturn

During the recent downturn in the crypto market on April 12, mega-cap memecoins faced significant pressure, resulting in a global market capitalization decline of over $170 billion