Dogecoin Whales, Spot Traders Accumulate $64M, Driving 3.03% Monthly Gain

Dogecoin (DOGE) has recently demonstrated a quiet resilience, with whales and spot traders collectively investing a substantial $64 million over the course of a single week. This accumulation has driven market demand higher, despite long traders experiencing significant losses in the past 24 hours.

DOGE's performance over the last 24 hours remained relatively neutral, with a minimal gain of 0.17%. This trend has been consistent across broader timeframes, with DOGE gaining 1.13% over the week and 3.03% over the past month. The market direction appears to be favoring long traders and a potential DOGE rally, but there are underlying factors at play.

Whales, who hold significant portions of DOGE, have been actively accumulating the asset over the past week. In total, whales purchased approximately 100 million DOGE, valued at $17.5 million, during this accumulation phase. Spot traders, however, outperformed whales in terms of buying activity, purchasing $46.63 million worth of DOGE from the market within the same period. This increase in buying was supported by the negative Exchange Netflow recorded over the past week, signaling large withdrawals from exchanges.

If whales and spot traders continue to accumulate DOGE at this rate, the likelihood of a major rally increases. Additional market metrics are also aligning with this bullish outlook, pointing toward a potential move to the upside. Key derivatives metrics have shown a notable spike, further validating bullish sentiment among traders. The Open Interest (OI)-Weighted Funding Rate turned significantly positive after a recent dip, increasing from 0.0004% to 0.0044%—an over 10x surge. This spike confirms that the majority of unsettled contracts in the market come from long positions expecting price growth.

Traders on major crypto exchanges have fueled this growing optimism. At the time of writing, the Taker Buy/Sell Ratio, which measures aggressive buying versus selling volume, suggested that buyers were in control. This ratio sat at 2.56 on Binance and 2.65 on OKX, far above the neutral level of 1. Whenever this ratio exceeds 1, it signals that buying volume is dominating. The higher the ratio goes, the stronger the buying pressure, which could lead to upward price movement for DOGE.

Despite the bullish setup, long traders have suffered significant losses. In the past 24 hours, they lost $4.51 million. This disparity suggests that bearish pressure is still present in the market, raising the possibility of a pullback before any breakout. This tug-of-war may be causing the current delay in DOGE’s rally, keeping it from making a decisive move upward. However, this pause could benefit whales and spot traders, giving them more time to accumulate DOGE at lower prices. Such continued accumulation may help protect the asset from a sharp decline and eventually lead to short-trader exhaustion, laying the groundwork for a stronger move upward.

As the dynamics between whales, spot traders, and long traders unfold, the outlook for DOGE remains cautiously optimistic. The current market movements indicate potential for upward momentum if accumulation continues. Investors should remain vigilant, as shifts in buying and selling pressures will ultimately dictate DOGE’s short-term price trajectory.