Dogecoin Whales Start Buying Again as Investor Interest Grows

Large investors have accumulated hundreds of millions of Dogecoin (DOGE) in a short period, according to new on-chain data. According to an analysis, whales purchased roughly 470 million DOGE across 72 hours, highlighting renewed activity among large holders. The sudden accumulation has sparked speculation that major investors may be positioning for a potential market move.

Dogecoin whale accumulation spikes

In an X post on March 16, prominent cryptocurrency market analyst Ali Martinez shared a chart showing a noticeable increase in Dogecoin held by whale wallets over the last few days. As the analyst wrote, sharing data sourced from blockchain analytics platform Santiment:

“470 million Dogecoin have been bought by whales in the last 72 hours.”

Whales typically refer to wallets holding very large amounts of crypto. Their movements often attract attention because they can influence market liquidity and price direction.

Similar whale accumulation events in the past have sometimes preceded periods of increased volatility in the Dogecoin market.

Large wallet holdings continue to grow

The chart accompanying Martinez’s post shows total DOGE held by major wallets rising steadily across several days.

According to the data, whale balances climbed from roughly 34.97 billion DOGE to around 35.94 billion DOGE during the period shown, suggesting consistent buying activity among large holders.

Such accumulation phases are often interpreted by traders as a sign of growing confidence from large investors.

Analysts note that whale activity can sometimes signal that large market participants are positioning ahead of expected price movement.

What whale buying could signal

Though whale accumulation alone does not guarantee a rally, it often draws attention because of its potential impact on market dynamics. Large purchases can tighten circulating supply and sometimes attract retail interest once the activity becomes visible on-chain.

At the moment, DOGE is trading at the price of $0.1002, suggesting an increase of 4.1% in the last 24 hours, a 10.8% gain over the past seven days, and accumulating an advance of 2.7% across the month, per the latest chart data.

Previous periods of strong whale buying in Dogecoin have coincided with attempts by the asset to stabilize or rebound from key support levels.

For now, the recent 470 million DOGE accumulation highlights renewed interest in the meme crypto asset from some of the market’s largest players.

More Must-Reads:

• Tether CEO Teases Industry With “True Breakthrough This Coming Week”
• Ethereum Foundation Drops New Manifesto For The Network; What’s New?
• Large Jane Street Bitcoin Transfers Detected Onchain