Recent on-chain data indicates that large Dogecoin holders are increasing their holdings, suggesting growing interest in the cryptocurrency from major investors.
Dogecoin Whales Have Bought 160 Million DOGE In Just 96 Hours
According to analyst Ali Martinez, large Dogecoin investors—often called “whales” because of the substantial amount of the cryptocurrency they hold—have recently been buying more Dogecoin than they’ve been selling.
Because these large investors hold significant assets, their actions can influence the market and are worth watching. While their behavior might not always directly change an asset’s price, it can offer valuable clues about how major players are feeling about the market.
Here’s a chart from Martinez illustrating the recent changes in Dogecoin holdings by large investors (often called ‘whales’).
The graph shows a recent increase in Dogecoin held by large investors, often called “whales.” Over a period of 96 hours, these whales bought a total of 160 million DOGE, worth approximately $17.7 million.
It’s interesting to see the big players – the ‘whales’ – buying *after* the price already went up. It hasn’t been a massive amount of buying, but the fact that their holdings are increasing overall is a good sign to me. It suggests they aren’t selling off their coins to take profits, which is encouraging for the memecoin’s future.
However, it’s still worth watching for changes in how whales (large cryptocurrency holders) are acting in the next few days, as Dogecoin’s market sentiment can change quickly.
Dogecoin is showing signs of an upward trend, potentially following a pattern called a Parallel Channel. This pattern, highlighted by Martinez on X, occurs when an asset’s price consistently bounces between two parallel lines on a chart, indicating a consistent trend.
Parallel channels come in different forms depending on how they’re positioned on a chart, but we’ll focus on the most basic type: channels where the trendlines run horizontally, parallel to the time axis.
The chart suggests Dogecoin’s price has been trending in a predictable way over the past two months. Previously, the price struggled to move above $0.1018, acting as a ceiling. However, a recent increase has pushed the price into the upper range of this pattern.
According to the analyst, DOGE might reach $0.1172, which represents the upper boundary of its current trading range.
DOGE Price
Dogecoin surged to $0.113 on Sunday night, but the asset has retraced to $0.110 to kick off Monday.
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2026-05-05 09:58