Dogecoin Whales Go on 100M DOGE Shopping Spree—Is a Meme Coin Rally Brewing?

Dogecoin’s deep-pocketed investors just snapped up enough DOGE to make Elon Musk smirk—100 million coins scooped in a single buying frenzy.

Whales Betting on the Doge: The crypto’s notorious ’whale’ addresses—those holding at least 1% of total supply—have flipped from selling to aggressive accumulation. On-chain data shows clusters of eight-figure buys hitting exchanges since yesterday.

Market Impact: DOGE popped 8% on the news, but let’s be real—this is the same ’currency’ that once rallied because someone tweeted a picture of a Shiba Inu wearing a hat. Traders are now watching to see if retail FOMO follows the whales’ lead or if this is another pump before the inevitable ’woof’ sound of a dump.

Bonus Cynical Take: Nothing says ’sound investment strategy’ like following the moves of anonymous crypto whales who probably got rich on a combination of insider info and meme luck.

Dogecoin Whales Have Expanded Their Holdings In Past Week

In a new post on X, analyst Ali Martinez has discussed about the latest trend in the Dogecoin supply held by some key investors. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total number of coins that the investors of a particular wallet group are holding right now.

Holders or addresses are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins group, for instance, includes all investors who own between 1 and 10 tokens of the memecoin.

In the context of the current topic, the cohort of interest is the 1 million to 10 million coins one. At the current exchange rate, the lower bound of the range converts to $180,000 and the upper one to $1.8 million.

While this group certainly doesn’t cover the largest of the addresses on the network, it still includes whales that could be considered key for the cryptocurrency. As such, the behavior of this cohort can be worth keeping an eye on.

Here is the chart shared by the analyst that shows how the supply held by this Dogecoin investor group has changed during the last couple of months:

As displayed in the above graph, the Dogecoin Supply Distribution of the 1 million to 10 million coins group observed a drop around a week or so back, implying these large investors took part in some selling.

This selling coincided with the recovery rally in DOGE’s price, so it would seem that the motive behind it may have been profit-taking. In the past few days, though, as the memecoin’s surge has stalled, these investors have reversed their trajectory and loaded up their wallets again.

In total, these Dogecoin whales have purchased about 100 million coins ($18 million) over the past week. Following this shopping spree, the supply held by this cohort has already surpassed the level from before the earlier selloff.

The accumulation from the large holders can be a bullish sign for DOGE’s price. The Supply Distribution of the group can be to monitor in the coming days, however, as sometimes it doesn’t take much for sentiment to flip in the sector. In the scenario that the indicator reverses its trend again, the memecoin could face a bearish outcome instead.

DOGE Price

Dogecoin declined under the $0.167 mark yesterday, but it appears the coin has quickly bounced back up as its price is now trading around $0.180.