Dogecoin (DOGE) has seen a notable increase in interest from major investors, often referred to as "whales." These high-capital individuals have accumulated over 1 billion DOGE in the past week, equivalent to $157 million. Data from Santiment, filtered for addresses holding between 100 million and 1 billion DOGE, reveals this accumulation trend.
Dogecoin whales – Addresses between 100M and 1B DOGE. Source:Santiment/ Finbold (Vini Barbosa)
On June 4, the chart indicated that whales hold 31.15 billion DOGE at $0.157 per coin, up from 30.10 billion DOGE on May 27. This marks an increase of 1.05 billion DOGE. Additionally, cryptocurrency trader and on-chain analyst Ali Martinez observed similar patterns, noting a 700 million DOGE accumulation from May 28 to May 31 and another 200 million from May 30 to June 4.
Dogecoin has nearly doubled in price since February, when it traded at around $0.085. Despite the gradual decline in trading and transaction volumes, the accumulation period has led to a significant price surge. If this pattern continues, DOGE could experience another rise, potentially reaching above $0.22, a level seen in March.
Dogecoin whales – Addresses between 100M and 1B DOGE. Source:Santiment/ Finbold (Vini Barbosa)
Martinez highlighted a 47% price drop from Dogecoin’s high to its May price. He pointed out that DOGE broke out from a descending triangle pattern, similar to trends observed in 2017 and 2021. Historically, such drops led to substantial price increases of 982% and 12,197% in respective bull markets.
Martinez speculates that DOGE could reach $1 and possibly even $6. However, these price points would require Dogecoin to achieve market capitalisations of $144 billion and $864 billion, respectively, posing significant economic challenges.
Dogecoin whales are signalling bullish intentions with their recent accumulation. While technical analysis suggests a potential price rise above $1, economic fundamentals may limit this growth.
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