Dogecoin News Today: DOGE Whales Buy 1 Billion Tokens as Price Dips 7% in Week

Large Dogecoin (DOGE) holders, often referred to as "whales," have accumulated over 1 billion DOGE in a single 24-hour period, according to recent on-chain data [1]. This activity has drawn attention from traders and analysts, who are now speculating whether the move signals the beginning of a potential trend reversal for the meme-based cryptocurrency.

The accumulation occurred despite a recent price decline, with DOGE currently trading around $0.20, down over 7% in the past week [3]. Whales—wallets holding at least 1 billion DOGE—have been actively buying since late June, with their holdings increasing again after a brief pullback in late July. This pattern has coincided with a sharp price increase in mid to late July, suggesting a potential correlation between whale behavior and price movement [1].

Notably, whale buying activity has intensified in the past week. Some experts believe this is a strategic move to accumulate DOGE at lower prices, especially as the coin remains 72% below its all-time high of $0.73 [3]. The recent accumulation comes amid mixed technical signals. The Relative Strength Index (RSI) is nearing oversold territory, while a broadening wedge pattern suggests potential price volatility between $0.22 and $0.48. Additionally, DOGE has outperformed 81% of the top 100 crypto assets over the past year, with 16 out of 30 days showing positive price action [1].

Despite these signs of resilience, analysts caution that whale movements are not always clear indicators of future market direction. Whale activity has historically been a barometer for investor sentiment, but the current accumulation does not guarantee a bullish reversal. In fact, whale wallets also sold off around July 29, contributing to a price drop at that time [1]. The recent buying appears to be more of a strategic response to market conditions rather than a definitive sign of optimism.

Market analysts remain cautious but acknowledge the significance of the on-chain activity. For example, one expert noted that DOGE has found support at $0.19 after a triple swing down from its recent peak. While no confirmed bottom has yet formed, the pattern suggests a potential bullish breakout [1]. The Chaikin Money Flow indicator also shows reduced selling pressure, though the market remains in a state of consolidation [3].

The timing and scale of the accumulation—representing a significant portion of the total DOGE supply—suggest that large holders are closely watching key price levels and are likely positioning for a longer-term play rather than short-term volatility [6]. The move has also been highlighted by crypto platforms like Binance, which reported the accumulation as part of broader on-chain developments [3].

While no analyst has directly forecast DOGE’s price based on this event, the whale accumulation is being interpreted as a sign of confidence in the coin’s value proposition. Whether this signals the start of a bullish phase or a temporary consolidation remains to be seen. For now, investors are closely monitoring the situation for further clues about DOGE’s next move in the broader crypto landscape [1][3][6].

Source:

[1] DOGE Price Holds Steady Above $0.20 as Whales Grab 1 Billion Tokens

(The Tradable) [http://thetradable.com/tag/dogecoin-price?page=1]

[3] In a major development reported by crypto analysts, Dogecoin whales have purchased over one billion DOGE tokens in the last 24 hours alone...

(Binance) [https://www.binance.com/en/square/hashtag/USChinaTensions]

[6] In previous cycles, whale accumulation at key support zones has often signaled confidence in a trend reversal...

(Bitget) [https://www.bitget.com/price/wiki-cat/price-prediction]