Dogecoin Sees Big-Money Interest: Whales Load Up On 160M DOGE
On-chain data shows the Dogecoin whale supply has noted an uptick recently, a sign that big-money accumulation interest in the memecoin has gone up. Dogecoin Whales Have Bought 160 Million DOGE In Just 96 Hours As highlighted by analyst ...
Dogecoin Whales Buy 160 Million DOGE in 96 Hours as Accumulation Rises
On-chain data shows that Dogecoin whale activity has increased recently, suggesting renewed accumulation interest from large investors in the memecoin.
Dogecoin Whales Bought 160 Million DOGE in Just 96 Hours
Crypto analyst Ali Martinez highlighted in a recent X post that Dogecoin whales have been actively accumulating DOGE over the past few days.
“Whales” refer to large holders that control significant amounts of a cryptocurrency. Because of their sizable holdings, these investors can influence market sentiment and, at times, price action. Tracking whale behavior often provides insight into how major players view the market.
According to Martinez, Dogecoin whales accumulated approximately 160 million DOGE — worth around $17.7 million — within a 96-hour period.
The buying activity comes shortly after a notable price rally for Dogecoin. While the scale of the purchases may not be massive relative to the total supply, the continued increase in whale holdings is generally viewed as a positive signal. It suggests that large investors are still accumulating rather than taking profits.
However, analysts note that Dogecoin sentiment can shift quickly, making whale activity an important metric to watch in the coming days.
Dogecoin Trading Inside a Parallel Channel
In another analysis shared on X, Martinez pointed out that Dogecoin may currently be moving within a Parallel Channel pattern.
A Parallel Channel is a technical analysis pattern formed when an asset trades between two parallel trendlines. Depending on the direction of the trendlines, the channel can be bullish, bearish, or sideways.
Based on the chart, Dogecoin’s 12-hour timeframe appears to have respected this pattern for the past several months. Earlier, the memecoin remained in the lower half of the channel, while the midline around $0.1018 acted as resistance.
If DOGE maintains momentum within the channel, traders will likely monitor whether the memecoin can break above key resistance levels in the near term.
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