Kraken Traders Bet Big on Dogecoin Rebound

Market participants have taken notice of increased activity on Kraken, with Dogecoin (DOGE) being purchased by traders in large quantities over the past 12 hours. According to CoinGlass data, up to 4.5 million DOGE worth $407,450 were bought within this time frame.

The price drop for DOGE can be attributed to forced selling from leveraged positions as well as the broader crypto market pullback and drop in Bitcoin's price. However, Kraken users are viewing the current level as a buy opportunity, with some traders expecting a potential rebound in the coming days.

A key support of $0.088 has continued to hold despite DOGE's volatility in recent days. If this support is maintained until the Qubic network stress test on April 1, 2026, it could potentially lead to higher levels for the meme coin.