Large Dogecoin holders have ramped up their buying spree, snapping up 158 million DOGE valued at around $44 million in recent days. Data shows most of these purchases came from wallets holding between 1 million and 10 million DOGE, suggesting that mid-sized whales are playing an outsized role in the latest accumulation wave.
At current levels, these whale wallets collectively control more than 11 billion DOGE, cementing their influence over the meme-inspired cryptocurrency’s market trajectory.
Accumulation Coincides With 35% Price Surge
The timing of this activity is notable. Over the past month, Dogecoin has rallied by more than 35%, climbing from roughly $0.22 in early August to nearly $0.30 by mid-September. That surge added more than $9 billion to Dogecoin’s market capitalization, sparking speculation that whale accumulation may have been a key driver behind the bullish move.
Trading activity has also intensified. In late August, daily Dogecoin trading volumes hovered around $450 million. By September’s rally, volumes nearly doubled to approach $1 billion, underscoring heightened market participation.
Whale Accumulation Mirrors Past Bull Runs
On-chain data further highlights the aggressive buildup. Wallets holding between 1 million and 10 million DOGE added 260 million DOGE to their reserves between August 25 and September 18. Their collective holdings grew from 10.77 billion DOGE to 11.03 billion DOGE during that period.
This type of accumulation has historically coincided with strong upward moves for Dogecoin. Back in 2021, DOGE soared from $0.05 to $0.73 during a wave of whale buying.
Analysts argue that the current accumulation pattern may indicate that these investors see Dogecoin as undervalued below the $0.30 mark, suggesting room for further gains if market sentiment holds.
Market Outlook: Can DOGE Break Higher?
Despite its meme coin status, Dogecoin has remained one of the most actively traded cryptocurrencies, consistently ranking within the top 10 by market capitalization. Recent whale interest could strengthen its short-term outlook, especially as the broader crypto market has regained momentum in September.
Still, caution lingers. While whale accumulation is often bullish, Dogecoin remains heavily sentiment-driven, and its price has historically been volatile. Analysts say breaking past $0.30 convincingly could pave the way for another leg higher, but failure to hold this level may trigger profit-taking.
