Dogecoin has experienced notable whale activity over the past week. Data from Santiment shows that wallets holding between 100 million and 1 billion DOGE accumulated heavily between September 22 and September 24, pushing their collective holdings from 27.09 billion to 29.17 billion tokens.
Whale Accumulation And Short-Term Pullback
Recent on-chain data reveals a burst of whale accumulation in Dogecoin, followed by a partial reversal. Between September 22 and September 24, wallets holding between 100 million and 1 billion DOGE increased their holdings from 27.09 billion to 29.17 billion DOGE, which is an increase of about 2.08 billion DOGE.
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The jump in whale holdings to 29.17 billion DOGE suggested many large holders were aggressively positioning themselves, particularly around the $0.245 price level. That level appears to have been viewed as a point of structural support or accumulation interest among many Dogecoin whales.
However, the wider crypto market has turned bearish over the past 24 hours, with Bitcoin falling below $110,000 and dragging altcoins lower. Dogecoin has not been spared, as its price has corrected below $0.24 and is now trading around $0.226. This shift in sentiment appears to have spilled into whale behavior as well, with total holdings among these addresses falling back to 27.62 billion DOGE.
Although the current whale numbers are still a net increase compared to levels recorded two days ago, it shows that not all of the earlier accumulation has been maintained, and some whales may already be rotating out. However, even with the pullback, current whale holdings are at their highest combined level since November 2024. Interestingly, it would seem some whales are even taking advantage of the price decline, with recent on-chain data revealing a whale address withdrawing 122 million DOGE from Binance.
Outlook And Possible Rally Cycle
Technical analysis shows that Dogecoin is now positioned at an important juncture. According to technical analysis from CryptosBatman on the social media platform X, Dogecoin is now sitting at the intersection of a descending long-term trendline that has flipped into support and a rising short-term trendline. This overlap, alongside the recent correction in the past 24 hours, makes the $0.22 price level important for determining Dogecoin’s next direction.
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Holding above the confluence would allow the Dogecoin price to attempt a rally to $0.30, at least in the short term. A break lower, however, could cancel the bullish case and place pressure on support at $0.20. Recent trading just below this level demonstrates how the market is testing the strength of whale conviction, and the $0.22 area is now serving as the immediate line to defend.
At the time of writing, Dogecoin is trading at $0.226, down by 3.9% and 17.8% in the past 24 hours and seven days, respectively.
Featured image from Getty Images, chart from Tradingview.com
