Dogecoin Whales Accumulate 1.40 Billion DOGE Amid Bullish Sentiment

Dogecoin (DOGE) is showing signs of a potential recovery as whale accumulation intensifies and market sentiment shifts towards the bullish side. Despite a turbulent market that has seen DOGE decline significantly, recent data suggests that investors are increasingly accumulating the asset. According to a report, the most negative social volume and weighted sentiment historically indicate a potential bottom for DOGE.

There has been significant investor accumulation of DOGE in the last 24 hours. Whales—addresses controlling a notable supply of an asset, typically between 100 million to 1 billion units—have been actively acquiring DOGE. Over the past 24 hours, this cohort has accumulated a total of 1.40 billion DOGE, indicating strong demand. A market rebound could be imminent, especially if DOGE begins to record even minimal gains.

This bullish sentiment comes at a time when data shows DOGE has hit its most negative social volume and weighted sentiment in the market—historically a sign of a potential bottom. As demand grows and key metrics reach a bottom, DOGE could be poised for a major reversal, with its price trending higher from its current levels.

In the spot market, traders have been aggressively accumulating DOGE over the past week and in the last 24 hours. Rising demand suggests that traders see DOGE’s recent low as an opportunity and are accumulating ahead of a potential rally. However, while several metrics indicate bullish sentiment, derivative traders remain bearish. Instead of going long, they are opening short positions, expecting DOGE’s decline to continue.

At the time of writing, the Open Interest Weighted Funding Rate—a metric combining open interest and funding rate to predict market trends—suggests DOGE could trend even lower. With a negative reading, this indicates more short positions in the market, with short traders paying a premium to maintain their positions. Such sentiment could delay DOGE’s potential rally. Until the funding rate shifts to a positive region, DOGE may remain under pressure.

The broader outlook shows that DOGE has reached a critical support level on the weekly chart, trading near the $0.142 region. This support level previously acted as a catalyst for DOGE’s rally that began in October 2024. If this support holds, DOGE could see a significant recovery, potentially gaining up to 240%. Should market fundamentals remain strong,