160,000,000 DOGE in 4 Days: Is Dogecoin Ready for More Rally?

Whales now control about 11% of the meme coin circulation.

Dogecoin is one of the best performing cryptocurrencies (at least in the top 100) over the past week.

The latest bullish behavior indicates that the asset is poised for further highs, with some analysts predicting a price explosion in the coming months.

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The undisputed leader in the meme coin niche has increased by 12% on a seven-day scale and is currently valued at $0.11 (according to CoinGecko). Its market capitalization reached $17 billion, widening the gap with Shiba Inu, reclaiming second place.

The doge rally comes on the back of increased appetite from large investors. According to popular analyst Ali Martinez, the whales collected 160 million pennies (about $17.6 million) in 96 hours. This group of market participants now holds approximately 18.15 billion DOGE or 11 percent of the circulating supply.

Such purchases reduce the number of tokens available on the market, which can cause price increases (demand should remain constant or increase). They also indicate confidence in the big players, and small investors can follow their lead.

Earlier this month, on-chain analytics platform Sentiment reported that Dogecoin whale activity hit a six-month high, with 739 transfers exceeding $100,000 in a single day. In addition, the total holdings of 149 investors who held at least 100 million doji each reached 108.52 billion cents.

Many analysts at X believe that Mem Coin has yet to post significant gains. He used the moniker Cellal Cooker recently argued that DOGE is the only major altcoin capable of a 20x increase and predicted that the price could explode to $2.20 in May of next year.

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Vehicle signs

Despite the positive movement, some indicators suggest that the DOGE may pull back in the near term. One of them is the Relative Strength Index (RSI), whose ratio has risen above 70, which means that the asset has entered the overbought territory. The technical analysis tool works from 0 to 100, and vice versa, anything below 30 is interpreted as a buying opportunity.

Another hidden factor is DOGE's recent trading network flow. Over the past several days, inflows have outstripped outflows, adding to immediate selling pressure as investors move holdings from self-hedging to central platforms.