1.4 Billion Dogecoin bought by whales in 48 hours as DOGE spikes 
Cryptocurrency Sep 26, 2024 Share
Dogecoin (DOGE) is currently in the midst of a significant spike in volume combined with very rapid price action to the upside.
The meme coin, which is up 27.55% year-to-date (YTD) at press time, has seen a 4.30% upswing over the last 24 hours, bolstering weekly gains to a total of 8.89%. At the time of publication, it is trading at a price of $0.1148.
DOGE price daily chart. Source: CoinMarketCap
That, in and of itself isn’t necessarily unusual — however, there is something peculiar to be seen when taking a closer look at those volume spikes.
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DOGE whales accumulate 1.40 billion coins
Cryptocurrency analyst Ali Martinez shared a post on X on September 26 showing that Dogecoin whales — traders who hold more than 100,000 DOGE, have placed a large number of trades worth in excess of $1 million USD each. In total, approximately 1.40 billion DOGE has been purchased, worth approximately $140 million — in the span of just 48 hours.
Dogecoin whale transaction activity. Source: Ali Martinez on X
Apart from clearly signaling interest from high net-worth traders, it should be noted that large accumulation like this usually precedes a breakout — with whales aiming to create upward price pressure by constraining supply.
In tandem with this, such activity tends to create new, long-term support levels which will make pushing prices down difficult for bearish traders.
This isn’t the first bullish signal that’s occurred with Dogecoin in the short-term — popular crypto trading expert ‘TradingShot’ recently suggested that the coin was entering the end of a consolidation phase and would soon be entering a parabolic rally.
DOGE technical analysis. Source: TradingShot on TradingView.
Should this analysis come to fruition, DOGE could reach as high as $2, for a 1,649.01% gain compared to current prices — with that being said, if previous trends hold true, this would only occur in August 2025.
In the shorter term, Martinez has previously suggested that sustained close prices above $0.10 would provide a strong catalyst for a bullish run toward $0.15 for a more modest, yet still impressive 31% upswing.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
However, it’s important to note that this is far from a done deal. Just a few months ago, in June, we witnessed a similar occurrence, where whales purchased 1 billion DOGE in a week’s time — just for overall whale holdings to decrease and bolster a downswing two weeks later.
Caution is warranted as whales accumulating large amounts of an asset correlates with increased volatility — nonetheless, should key resistance lines keep being broken, and if Dogecoin consistently closes above some of the aforementioned prices, a new bull run might be in the making.