Whales have accumulated approximately 2 billion DOGE, worth around $480 to $500 million, driving speculation of an imminent breakout.
Key Takeaways
- Large wallets associated with whales accumulated 2 billion DOGE over the past week, logging over $500 million inflow and signaling institutional positioning.
- Technical analysis suggests strength and emerging bullish momentum, with a Golden Cross formation observed.
- Despite an 8–9% pullback from inflation data, accumulation persists, showing belief in mid-term upside.
Over the last week, wallets associated with whales holding between 100M and 1B DOGE accumulated 2 billion DOGE, valued between $448M–$500M, based on on-chain analytics. The inflow occurred amid spot investor buying, pushing capital entering DOGE markets above $500M, as reported by CoinCentral.
Meanwhile, The Coin Republic reported a notable transfer of over 900M DOGE (~$208M) to a Binance-linked wallet, signaling potential internal positioning or exchange consolidation.
Bullish Signals Emerge on Dogecoin Charts
As of writing (11:00 AM UTC), DOGE trades at roughly $0.23336 with a 24-hour gain of ~1.1%, according to TradingView’s latest market statistics. Intraday range spans between $0.2266 and $0.2359 according to CoinGecko.
Technicals on Dogecoin show signs of emerging bullish sentiment, exhibiting strength following the whale-driven inflows. A post on X from an analyst/trader “Dynamite trader” emphasizes the first-ever Golden Cross in the past 9 months, which suggests high chances of DOGE’s price rising over $1.15 at the end of the year. Many analysts also believes that the emergence of this indicator signals potential bullish reversal, highlighting DOGE’s most unprecedented breakout in years.
Technical-wise, the Relative Strength Index (RSI) is hovering in a neutral zone around 54–55, suggesting that the asset is not yet overbought and still has room for upside momentum. Meanwhile, the MACD has turned slightly positive, reflecting an early-stage bullish shift, though momentum remains cautious. On the broader chart, immediate support is seen near the $0.19–$0.20 level, while resistance remains at $0.26–$0.29. A decisive breakout above this zone could set the stage for a rally toward the $0.30 mark, reinforcing the idea that whale activity is aligning with improving technicals.
Doge Price React Amid Macro Pressures
Despite the accumulation, Dogecoin dropped 8–9% on Aug 15 after hotter-than-expected U.S. Producer Price Index (PPI) data pressured crypto markets, according to Blockchain News. Still, whales continued buying dips, implying confidence in longer-term strength.
AInvest noted a short-term rebound with DOGE climbing ~4% in a day after accumulation, though earlier gains of ~17% in a week were also attributed to whale activity.
What’s Next
Macro risks remain. Inflation data and central bank policies may cap upside. However, a decisive break above the $0.26–$0.29 resistance zone could trigger a move to $0.30+. The next few sessions will be critical for confirming whether whale accumulation translates into sustained bullish momentum.
Summary
Dogecoin whales have accumulated ~2B DOGE (~$500M) in a week, positioning the memecoin for a potential breakout. On-chain evidence of Binance-linked transfers and steady inflows supports speculation of institutional involvement. Technicals add fuel with the first Golden Cross in 9 months, RSI neutrality, and room for upside if resistance at $0.26–$0.29 is cleared.
While macro headwinds (inflation data, Fed policy) add near-term risk, persistent whale buying underscores confidence in DOGE’s mid-term trajectory. Sustained accumulation paired with a breakout over $0.30 could mark the start of Dogecoin’s most significant rally in years.
