TLDR
Dogecoin whales have acquired 160 million DOGE in recent purchases
Past month showed increased whale activity with transactions over $100,000 and $1 million
Mid-November spike coincided with DOGE price movement from $0.28 to $0.44
Historical data shows strong correlation between whale activity and major price movements
Recent accumulation could signal either a coordinated price effort or long-term strategic positioning
Major Dogecoin holders, commonly known as whales, have collectively acquired 160 million DOGE over the weekend, marking one of the largest concentrated buying movements in recent months. The purchases come as the cryptocurrency shows increased price activity in the fourth quarter of 2024.
Transaction data from blockchain analytics platforms reveals a series of coordinated purchases by addresses holding large amounts of Dogecoin. These movements occurred primarily during a 48-hour weekend period, suggesting a planned accumulation strategy by established market participants.
The timing of these purchases coincides with Dogecoin’s recent price movements, which have seen the cryptocurrency trade between $0.28 and $0.44 over the past month. Market data indicates that similar whale activities in the past have preceded notable price movements.
Blockchain analysis shows that addresses holding more than 1 million DOGE have increased their positions steadily since mid-November. This accumulation pattern mirrors similar movements observed during previous market cycles, particularly in 2021 when Dogecoin reached its all-time high.
On-chain metrics indicate a notable increase in transactions exceeding $100,000, with several transfers surpassing the $1 million threshold. This surge in high-value movements represents a marked change from the relatively quiet trading patterns observed in early November.
Market data from multiple exchanges shows that trading volumes have risen in parallel with these whale movements. Daily trading volume for DOGE has increased by 45% compared to the monthly average, suggesting broader market participation beyond whale activity.
Technical analysis of price movements shows that Dogecoin has maintained support above $0.35 during this accumulation period. This price level has served as a key threshold, with multiple tests of resistance at $0.44 throughout November.
Whale tracking services have identified that the majority of these purchases originated from addresses with established holding patterns, rather than new market entrants. This behavior suggests calculated positioning rather than speculative trading.
The current accumulation occurs against a backdrop of broader market movements in the cryptocurrency sector. Bitcoin’s stability above $40,000 has provided a foundation for increased activity in alternative cryptocurrencies, including Dogecoin.
Historical data shows that periods of concentrated whale accumulation have often preceded market movements in either direction. The 2021 bull run, which saw Dogecoin reach $0.74, was preceded by similar patterns of whale accumulation.
Trading patterns indicate that these recent purchases have been executed through multiple exchanges rather than over-the-counter trades, suggesting buyers sought to maintain price stability during accumulation.
Market depth data reveals increased liquidity at current price levels, with substantial buy orders placed between $0.35 and $0.40. This liquidity structure suggests whales may be establishing price floors through their positioning.
Exchange flow metrics show a net outflow of DOGE from major trading platforms, indicating that purchased tokens are being moved to private wallets. This behavior typically suggests longer-term holding intentions rather than short-term trading strategies.
Recent transaction data has revealed that smaller holders, those with between 100,000 and 1 million DOGE, have also increased their positions, though at a more modest pace than the whale-sized movements.
The most recent blockchain data shows continued accumulation as of December 4, with several large transfers moving DOGE from exchange wallets to private addresses, suggesting this accumulation phase may still be active.
The post Dogecoin (DOGE) Price: Whales Show Their Hand with 160M Token Purchase appeared first on Blockonomi.
