Dogecoin's deep-pocketed investors are making waves again. Whale transactions just surged to a one-month high—with a staggering 2 billion DOGE scooped up in what looks like a coordinated accumulation play.
Why the sudden appetite for meme coins? While retail traders chase shiny new DeFi tokens, whales are doubling down on DOGE's liquidity and brand recognition. Classic 'buy when there's blood in the streets' behavior—or just another calculated bet on crypto's favorite joke-turned-asset?
The timing raises eyebrows. With Bitcoin dominance slipping and altcoin season rumors swirling, this could be a play for the next speculative rotation. Or maybe whales just enjoy watching Wall Street analysts struggle to explain 'dogeonomics.'
One thing's certain: when whales move this much funny money, the market usually ends up laughing all the way to the bank—or crying into their leverage.
Dogecoins whale activityDogecoins whale activity
Adding to this, Martinez highlighted that whales holding between 100 million and 1 billion
Dogecoin have accumulated around 2 billion tokens over the past seven days, worth roughly $500 million at the current price.
This buying spree has pushed total holdings in this cohort to approximately 27.6 billion DOGE, the highest in over a month.
Whale bought 2 billion DogeWhale bought 2 billion Doge
Dogecoin Price Recovery Mirrors Whale Transactions
The increase in whale transactions mirrors the recovery in prices. DOGE began the period trading near $0.24 in late July before sliding steadily to a monthly low of about $0.195 on August 2–3. However, a steady rebound followed, coinciding with several smaller whale transaction spikes.
By August 7, the price had risen above $0.24 before retreating to roughly $0.23. The latest surge in whale activity occurred as DOGE climbed again, reaching $0.246. This level sits just below the $0.25–$0.252 resistance zone, which has capped multiple rallies in recent weeks.
Notably,
dogecoin has failed to reach the $0.25 level, now trading at $0.2285, a 9.5% drop in the past day following the broader market trends. For context, Bitcoin has seen a 3.3% drop in the same period.
Dogecoin Accumulation May Signal Potential Price Surge
The latest whale accumulation follows periods of similar large buys this year. In May, Martinez reported that Dogecoin whales accumulated over 1 billion DOGE in a month, raising their total holdings to 25.97 billion. The accumulation coincided with a 53% price surge the preceding week and a 3.56% daily gain. Notably, Dogecoin surged from $0.227 on May 16 by 11.7% to reach $0.2536 by May 23 after the reported accumulation.
Similarly, Dogecoin’s whales added 200 million tokens in March, boosting their stash to 10.5B DOGE worth $2.14B. This steady buying helped DOGE rebound 42% from its $0.1432 low after a 70% correction, reclaiming key support at $0.16.
What's Next for Dogecoin?
Now, despite the recent price dip, analyst Trader Tardigrade said Dogecoin is ready to pump. Dogecoin’s weekly chart mirrors its pre-2021 rally setup, with price consolidating between $0.15 and $0.30 and forming higher lows.
Dogecoin Weekly chartDogecoin Weekly chart
A clean break above the $0.30 neckline could target $0.45 and $0.70 if momentum builds. The bullish case hinges on holding $0.15–$0.18. Nonetheless, a drop under $0.18
WOULD weaken the outlook.
In contrast, pseudonymous analyst Alien Ovicho noted that Dogecoin is in the midst of a short-term pullback after completing a five-wave rally from its August 3 low.
Dogecoin is bearishDogecoin is bearish
The 4-hour chart shows
Doge entering a three-wave corrective structure, with current price action near $0.222 and a projected path toward $0.24 before potentially dipping to the $0.21–$0.206 range.
Ovicho mentioned that the $0.188 support level is crucial; holding above it would keep the bullish structure intact and lead to another upside push. At the same time, a breakdown below it would invalidate the near-term bullish outlook.
Notably, analyst Stonk Chris has earlier highlighted a bullish rising wedge on the weekly chart, with targets up to $1.10. The pattern, intact since the $0.055 low in late 2023, faces key resistance at $0.27–$0.30, while support sits at $0.18 and $0.13.
