Dogecoin Whale Accumulation Surges 112% Amid Bullish Sentiment

Dogecoin has seen a significant surge in interest from major investors, with whale accumulation jumping by 112% over the past week. This substantial increase in holdings by large investors, defined as those controlling more than 0.1% of DOGE’s circulating supply, indicates a renewed confidence in the memecoin despite its modest price gains.

The netflow of Dogecoin, which measures the movement of coins between wallets, has surged by 111.97% in the past week. This sharp reversal in netflow mirrors trends observed during earlier accumulation phases in 2021, suggesting that large holders are once again bullish on DOGE. The positive funding rates in the futures market further support this sentiment, with DOGE’s OI-Weighted Funding Rate hovering near 0.0086% and peaking around 0.01% on the 6th of July. This indicates that traders are betting on a price increase, despite DOGE’s relatively muted response to the broader market rally.

Despite the increased accumulation and positive funding rates, Dogecoin’s price has only seen a modest 5% increase in the last 24 hours, reaching $0.172 at press time. The Relative Strength Index (RSI) stands at 51.04, slightly above neutral territory, suggesting mild bullish momentum but no clear trend dominance. The On-Balance Volume (OBV) has edged up to 46.3 billion, hinting at improving but cautious buying interest. While recent price movements show resilience, DOGE still needs a decisive move above the $0.18 resistance zone to confirm a bullish breakout.

In summary, while there are early signs of momentum building for Dogecoin, with increased whale accumulation and positive funding rates in the futures market, the price action has yet to reflect this optimism. A stronger push is needed for DOGE to break out of its current range and confirm a bullish trend. The current price action is slowly aligning with whale and derivatives optimism, but a more decisive move is required to validate the bullish sentiment.