Recently, the cryptocurrency market has once again focused on the performance of DOGE. After testing the key support level of $0.21, DOGE demonstrated remarkable rebound ability, ultimately closing at $0.22, forming a typical V-shaped reversal.

Behind this trend is the battle between institutional investors and retail investors. Despite the selling pressure from retail investors for various reasons, large investors (commonly known as "whales") accumulated 680 million DOGE in August, effectively offsetting the negative impact of the sell-off and also demonstrating their long-term confidence in DOGE.

Market analysts are closely watching whether $0.22 can become a new effective support level. If this price level can be confirmed, it may create conditions for DOGE to further rise to the range of $0.23-$0.24.

It is worth noting that DOGE faced pressure this month due to rumors that the Qubic community might launch a 51% attack. This news raised security concerns among some investors, leading to a wave of selling in the short term. However, on-chain data presents a different picture: large investors significantly increased their holdings of DOGE in August, which may reflect institutions' positive expectations for the future development of DOGE.

In the overall cryptocurrency market, Bitcoin and Ethereum are currently in a high-level consolidation state, while meme coins represented by DOGE are showing significant price fluctuations.

Regarding the recent performance of DOGE, data shows that within the 24 hours before 04:00 on August 21, the price of DOGE increased by 5%. Specifically, at 13:00 UTC on August 20, DOGE hit an intraday low and then began a strong rebound. Notably, towards the end of trading, the trading volume surged to 9.29 million DOGE, driving the price up by 0.45% in the final phase, a phenomenon interpreted as a large influx of institutional funds.

From a technical analysis perspective, $0.21 has been confirmed as an important psychological support level. After withstanding the test of mid-term trading, DOGE achieved a significant rebound with substantial trading volume. Meanwhile, $0.22 has become the current key resistance level, and breaking through this level may indicate a larger upward potential.

Overall, DOGE's recent performance showcases its resilience and potential as a cryptocurrency. Despite the complex and volatile market sentiment, the continued accumulation by institutional investors and the technical rebound in prices have injected new momentum into DOGE's future development. However, investors should remain cautious and closely monitor market trends and potential risks.