Dogecoin (DOGE) traded at $0.1118 at press time, with 24-hour volume of $1.77 billion. The coin gained 4% in the past day and 14% over the last week. The move came during early Asian trading, breaking above the critical $0.109 level. Bitcoin also climbed above $80,000 in the same period, lifting broader market sentiment.
Whale Accumulation: 160M DOGE in 96 Hours
Crypto analyst Ali Martinez said whales bought 160 million DOGE within the last 96 hours, worth roughly $18 million at current prices. This follows his earlier report last month showing large holders purchased over $330 million worth of DOGE during a period of tight price action. The repeated whale buying has drawn fresh attention to Dogecoin's breakout attempt.
The latest price jump came with a sharp volume burst from $0.1075 to $0.1119, typically a sign of concentrated buying rather than slow retail accumulation. Traders now watch whether $0.109 can hold as near-term support. If so, the next resistance target sits near $0.114. A drop below $0.109 would signal a failed breakout.
On-Chain Data: Whale Holdings Hit All-Time High
Santiment data from May 1 showed 739 large Dogecoin transactions above $100,000 in a single day. Large holders now control 108.52 billion DOGE ($12.18 billion), a record level. Santiment said, "the memecoin's +14% price rise over the past 10 days is very likely not just a coincidence." Dogecoin's market cap stands at $17.21 billion, based on a circulating supply of 150 billion DOGE.
Whale buying, rising volume, and the $0.109 support level are the three main areas traders are tracking. If DOGE reclaims $0.114, further upside could follow. Conversely, losing $0.109 would put the recent rally at risk.
Disclosure: This article does not represent investment advice. Content and materials are for educational purposes only.