Dogecoin Whales Accumulate Big: Is a Breakout Coming?

In the past 30 days, large Dogecoin holders—commonly referred to as whales—have scooped up over 1 billion DOGE, signaling a potential major move in the meme coin’s price action. Renowned cryptocurrency analyst and trader Ali Martinez, who shares insights under the handle @ali_charts on X (formerly Twitter), brought this accumulation to light using on-chain data.

The Dogecoin community quickly responded with optimism. Many see this significant whale activity as a bullish indicator, especially given the timing of the purchases and DOGE’s recent price performance.

Whale Buying Aligns with Key Market Moves

According to data from Santiment, shared by Martinez, Dogecoin accumulation began on April 15. Notably, whales ramped up their buying just as DOGE started gaining momentum on May 8. These whales primarily hold between 100 million and 1 billion DOGE in their wallets.

Whales have bought over 1 billion #Dogecoin $DOGE in the past month! pic.twitter.com/VVzwO7yLnM
— Ali (@ali_charts) May 16, 2025

The chart shared by Martinez illustrates a clear connection between the increase in whale holdings and the corresponding surge in Dogecoin’s price. On May 8, DOGE spiked rapidly, surging by 45.53% within three days to reach a high of $0.25049. This rally marked a significant breakout after the coin had remained in a tight range for roughly two weeks.

Triple Top Pattern Suggests Possible Reversal

However, despite the bullish surge, technical analysts are now spotting a potential red flag. DOGE has seemingly formed a Triple Top chart pattern, with three distinct peaks around the same resistance level. This pattern often indicates a reversal from an uptrend to a downtrend.

Indeed, over the last two days, Dogecoin has corrected by 11.1%, slipping to $0.21823. Nevertheless, today brought a slight recovery, with DOGE climbing nearly 4% to trade at $0.22747 at the time of writing. With whale wallets heavily loaded and technical signals mixed, Dogecoin’s next move remains uncertain.

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While the Triple Top suggests caution, the sustained interest from large holders continues to fuel bullish hopes. The community will likely keep a close watch on both on-chain activity and price patterns to determine whether this whale-driven momentum leads to a breakout—or a breakdown.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.