Dogecoin Whales Gobble 100M DOGE—Why Isn’t the Price Budging?

Dogecoin’s mega-holders just vacuumed up another 100 million tokens—a move that would normally send prices soaring. Yet DOGE’s chart looks flatter than a crypto bro’s post-crash bank account. What gives?

Market shrugs at whale activity: Either these buys got split into stealth-mode trades, or sellers are dumping just as fast. Either way, it’s a stark reminder that ’whale watching’ is about as reliable as a meme coin’s fundamentals.

What’s next? If this accumulation is a slow-roll precursor to a pump, retail traders might get another shot at riding the DOGE rollercoaster. Just don’t expect Wall Street to start taking Shiba Inu memes seriously—even if their own hedge funds are now gambling with dog-themed tokens.

Whales and spot traders align—What’s to come?

Traders holding significant portions of DOGE—commonly referred to as whales—have spent the past week accumulating the asset.

In total, whales purchased approximately 100 million DOGE, valued at $17.5 million, during this accumulation phase.

Source: Santiment

Interestingly, spot traders outperformed whales in terms of buying activity. Within the same period, spot traders purchased $46.63 million worth of DOGE from the market.

This increase in buying was supported by the negative Exchange Netflow recorded over the past week, signaling large withdrawals from exchanges.

Source: CoinGlass

If whales and spot traders continue accumulating DOGE at this rate, the likelihood of a major rally increases.

Additional market metrics are also aligning with this bullish outlook, pointing toward a potential move to the upside.

Major growth, supported by traders

Key derivatives metrics have shown a notable spike, further validating bullish sentiment among traders.

The Open Interest (OI)-Weighted Funding Rate turned significantly positive after a recent dip, increasing from 0.0004% to 0.0044%—an over 10x surge.

This spike confirms that the majority of unsettled contracts in the market come from long positions expecting price growth.

Source: CoinGlass

Traders on major crypto exchanges like Binance and OKX have fueled this growing optimism.

At the time of writing, the Taker Buy/Sell Ratio, which measures aggressive buying versus selling volume, suggested that buyers were in control.

This ratio sat at 2.56 on Binance and 2.65 on OKX, far above the neutral level of 1. Whenever this ratio exceeds 1, it signals that buying volume is dominating.

The higher the ratio goes, the stronger the buying pressure, which could lead to upward price movement for DOGE.

Long traders are losing cash on DOGE 

Despite the bullish setup, long traders have suffered significant losses. In the past 24 hours, they lost $4.51 million.

This disparity suggests that bearish pressure is still present in the market, raising the possibility of a pullback before any breakout.

This tug-of-war may be causing the current delay in DOGE’s rally, keeping it from making a decisive move upward.

However, this pause could benefit whales and spot traders, giving them more time to accumulate DOGE at lower prices.

Such continued accumulation may help protect the asset from a sharp decline and eventually lead to short-trader exhaustion, laying the groundwork for a stronger move upward.