1.4 Billion Dogecoin bought by whales in 48 hours as DOGE spikes
1.4 Billion Dogecoin bought by whales in 48 hours as DOGE spikes 
Cryptocurrency Sep 26, 2024 Share
Dogecoin (DOGE) is currently in the midst of a significant spike in volume combined with very rapid price action to the upside.
The meme coin, which is up 27.55% year-to-date (YTD) at press time, has seen a 4.30% upswing over the last 24 hours, bolstering weekly gains to a total of 8.89%. At the time of publication, it is trading at a price of $0.1148.
DOGE price daily chart. Source: CoinMarketCap
That, in and of itself isn’t necessarily unusual — however, there is something peculiar to be seen when taking a closer look at those volume spikes.
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DOGE whales accumulate 1.40 billion coins
Cryptocurrency analyst Ali Martinez shared a post on X on September 26 showing that Dogecoin whales — traders who hold more than 100,000 DOGE, have placed a large number of trades worth in excess of $1 million USD each. In total, approximately 1.40 billion DOGE has been purchased, worth approximately $140 million — in the span of just 48 hours.
Dogecoin whale transaction activity. Source: Ali Martinez on X
Apart from clearly signaling interest from high net-worth traders, it should be noted that large accumulation like this usually precedes a breakout — with whales aiming to create upward price pressure by constraining supply.
In tandem with this, such activity tends to create new, long-term support levels which will make pushing prices down difficult for bearish traders.
This isn’t the first bullish signal that’s occurred with Dogecoin in the short-term — popular crypto trading expert ‘TradingShot’ recently suggested that the coin was entering the end of a consolidation phase and would soon be entering a parabolic rally.
DOGE technical analysis. Source: TradingShot on TradingView.
Should this analysis come to fruition, DOGE could reach as high as $2, for a 1,649.01% gain compared to current prices — with that being said, if previous trends hold true, this would only occur in August 2025.
In the shorter term, Martinez has previously suggested that sustained close prices above $0.10 would provide a strong catalyst for a bullish run toward $0.15 for a more modest, yet still impressive 31% upswing.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
However, it’s important to note that this is far from a done deal. Just a few months ago, in June, we witnessed a similar occurrence, where whales purchased 1 billion DOGE in a week’s time — just for overall whale holdings to decrease and bolster a downswing two weeks later.
Caution is warranted as whales accumulating large amounts of an asset correlates with increased volatility — nonetheless, should key resistance lines keep being broken, and if Dogecoin consistently closes above some of the aforementioned prices, a new bull run might be in the making.
