Dogecoin (DOGE) Whales Quietly Accumulate as Holdings Register Levels
A wave of whaling transactions and rising holdings suggests something bigger may be behind DOGE's recent price hike.
After a relative lull, the OG meme coin, Dogecoin (DOGE), rallied as other top crypto assets pulled back from gains.
Interestingly, Santiment revealed that Dogecoin's well activity has reached a six-month high.
DOGE whales make their moves
On-chain data recorded 739 transfers over $100,000 in one day. Of the 149 wallets holding at least 100 million DOGE each, total holdings hit an all-time high of 108.52 billion DOGE, worth around $11.6 billion.
This uptick in large transactions comes with a 14 percent increase in Dogecoin's price over the past 10 days, which Coinbase believes is “most likely a coincidence.” DOGE briefly touched 11 cents to $0.1091 on Friday before a mild correction.
Crypto analyst Ali Martinez recently pointed to one of DOGE's biggest trading spikes of the year on April 16, after nearly $800 million was moved in 24 hours. Such sudden jumps in network activity have historically preceded volatile periods and often reflect the positioning of large wallets, he said. The analyst highlighted the strong stockpile amassed by large holders amid the ongoing consolidation process, which he said is absorbing supply.
He said that this trend usually indicates the formation of a price floor. DOGE is now trading above $0.1018, a level that has blocked five breakout attempts, and sees $0.1172 as the next target.
Several industry experts share a similar view of Mem Coin.
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The futures market will heat up
According to data compiled by Coinglass, open demand reached 15.3 billion tokens, increasing the pace of the Dogecoin futures market.
Binance DOGE dominated open interest at over 4 billion, followed by Gate.io at 1.86 billion. Bitget, Bybit and OKX hover around 1.4 billion each. Meanwhile, other platforms such as Hyperliquid, MEXC and KuCoin also held strong positions.
With both price and futures moving higher, traders seem to be opening new positions instead of exiting old ones. That usually supports the upward movement in DOGE. At the same time, building leveraged trades can cause any change in momentum to generate quick and sharp returns.
