Crypto analyst Ali Martinez, citing Santiment data, reported that Dogecoin whales accumulated more than 200 million DOGE over the past week — the actual increase reached about 240 million DOGE. Total whale-controlled holdings rose from 18.60 billion to roughly 18.84 billion DOGE. Instead of a single large transaction, the buildup occurred across multiple daily increments, suggesting deliberate positioning rather than short-term speculation.
Whales Accumulate Steadily; Supply Pressure May Build
The chart shared by Martinez on X shows holdings climbing stepwise throughout the week: 18.60B → 18.65B → 18.72B → 18.78B → 18.84B DOGE. On-chain observers view this pattern as a potential reduction in circulating supply if whales move coins to custody or long‑term storage. However, accumulation alone does not guarantee a price rally — it only reflects the behavior of large addresses.
Price Action Stays Bearish Despite Whale Activity
Meanwhile, DOGE remains under pressure on the daily chart. TradingView data shows the token trading around $0.0835, well below the Bollinger Bands middle line at $0.0944. The price is much closer to the lower band ($0.0788) than the upper band ($0.1100), signaling persistent selling pressure. The Relative Strength Index stands at 28.48, deep in oversold territory. While an oversold reading can precede a relief bounce, it does not guarantee a reversal. Current conditions show whale accumulation and weak price action moving in opposite directions.
Market Context: Big Money In, But No Trend Change Yet
Whale accumulation is often viewed as a bullish long‑term signal, yet DOGE's spot market has failed to respond. The daily chart shows no bullish reversal pattern; the asset remains trapped below the middle Bollinger Band. Rival tokens like XRP have recently seen easing whale sell pressure, but broader crypto sentiment lacks a clear catalyst. Dogecoin's next move hinges on whether spot buyers step in to match whale demand and whether risk appetite recovers across the crypto market.