Dogecoin is back in focus after new reports reveal that Dogecoin whales have accumulated roughly 138 million DOGE within the past 24 hours. The sudden surge in whale buying has sparked renewed discussion among traders and analysts, particularly as DOGE continues to trade within a volatile but closely watched price range.
Dogecoin Whales Accumulation Signals Strategic Positioning
In a now-deleted X post, a popular Dogecoin pundit identified as ‘CEO’ on X has revealed a massive transaction by Dogecoin whales. According to him, Dogecoin whales have gone on a buying spree, adding 138 million DOGE tokens worth over $18 million to their positions in the past 24 hours.
Meanwhile, it’s worth noting that the CEO, known for revealing whale transactions surrounding Dogecoin, reported a massive whale accumulation in September, highlighting that Dogecoin whales had purchased 210 million Dogecoin in a 24-hour period.
Whale activity often attracts attention because these investors have the capital to influence short-term liquidity and sentiment. When large volumes are removed from active circulation, supply pressure can ease, potentially setting the stage for price stabilization or upward momentum if demand increases.
Market Sentiment Reacts to On-Chain Data
The latest accumulation occurs at a time when broader crypto markets are experiencing mixed momentum due to the recent 25-basis-point rate cut by the US Fed and the impending BOJ rate hike. Bitcoin has remained below $90,000, and Ethereum has continually failed to sustain a break above $3,000. Meme coins were also not left out, as Dogecoin fell by 5% breaking below the $0.131 support level.
However, while Dogecoin has broken below a major support level, the recent accumulation could change the tide as whale buying has historically acted as an early signal of renewed confidence, particularly during periods of consolidation.
Thus, retail traders are closely monitoring whether this accumulation will translate into sustained buying pressure, as it did in previous cycles where similar whale behavior preceded short-term rallies.
Caution Remains Despite Optimism
Despite the positive tone surrounding the accumulation, analysts warn that whale data should not be viewed in isolation. Large transfers can sometimes indicate internal wallet reshuffling, custodial movements, or preparations for liquidity events, rather than long-term holding intentions.
For Dogecoin to see a meaningful trend shift, the whale accumulation would need to be supported by increased trading volume, consistent institutional participation, and favorable broader market sentiment. Further, Dogecoin would need to break past the $0.14 level to confirm a bullish reversal.
Meanwhile, market expert Ali Charts has, in a recent X post, identified the $0.074 support level for Dogecoin, highlighting increased trading activity around the region.
The CoinRemark Team
