What to Know
- Dogecoin whales accumulated more than 200 million DOGE during the past week.
- Santiment data showed whale holdings rising from 18.60 billion DOGE.
- DOGE remained below key technical levels despite continued whale accumulation.
Dogecoin whales accumulated more than 200 million DOGE over the past week, according to crypto analyst Ali Martinez, as on-chain data showed large holders steadily increasing their positions. Martinez shared a chart on X showing a consistent rise in whale-held DOGE balances throughout the monitored period. The trend emerged despite continued uncertainty across the broader cryptocurrency market, suggesting that some of the largest investors remain interested in the meme-inspired digital asset.
The chart indicated that whale holdings stood near 18.60 billion DOGE at the beginning of the period. However, balances continued moving higher each day. Holdings climbed to approximately 18.65 billion DOGE before reaching around 18.72 billion and 18.78 billion DOGE in subsequent sessions. By the end of the week, total whale-controlled holdings had increased to roughly 18.84 billion DOGE. This movement represented an increase of about 240 million DOGE, exceeding the 200 million DOGE accumulation highlighted by Martinez.
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Santiment Data Shows Consistent Buying Activity
The steady increase in holdings suggests whales accumulated DOGE over several days rather than through a single transaction. Consequently, market observers often view such behavior as a sign of deliberate positioning instead of short-term speculation. Large wallet activity remains one of the most closely watched on-chain indicators because major holders can influence market sentiment and liquidity. Moreover, sustained accumulation can reduce the amount of available supply if investors move assets into long-term storage.
According to the chart by Ali Martinez, the increase in whale balances followed a clear upward trajectory throughout the week. Each recorded period showed higher holdings than the previous one, reflecting continued buying pressure among larger investors. Besides drawing attention from traders, whale accumulation can provide insight into how experienced market participants view future opportunities. As a result, many investors monitor these movements for signs of changing market conditions.
DOGE Price Remains Under Pressure Despite Whale Buying
Despite the increase in whale accumulation, Dogecoin continues to face bearish pressure on the daily chart. TradingView data shows DOGE trading around $0.0835, remaining below the Bollinger Bands middle line at approximately $0.0944. This indicates that sellers still maintain control of the broader trend. Additionally, the asset is trading much closer to the lower Bollinger Band near $0.0788 than the upper band at $0.1100, reflecting continued downside pressure.
Source: Tradingview
The Relative Strength Index currently stands at 28.48, placing DOGE in oversold territory. While such readings can sometimes precede a relief rally, they do not guarantee a reversal. For now, whale accumulation and weak price action continue to move in opposite directions. In conclusion, Santiment’s on-chain metrics show Dogecoin whales expanded their holdings by roughly 240 million DOGE during the past week. The continued accumulation highlights growing activity among large investors as traders watch for Dogecoin’s next market move.
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