Dogecoin targets $1 after 4.7 billion DOGE were accumulated by whales in two weeks

The price of Dogecoin (DOGE) is currently trading around $0.16, showing a slight fall amid a backdrop of large investors (whales) actively accumulating during a volatile trading session.

Market Context and Dogecoin Price Trends

The cryptocurrency market is trading with mixed trends today. The total market capitalization fluctuates around 3.2 trillion USD, reflecting the caution of investors after recent volatility.

Major coins like Bitcoin (BTC) and Ethereum (ETH) are also experiencing unstable movements, further reinforcing the cautious sentiment in the market. Investors are rotating capital between large and small coins, rather than committing in a clear direction. Notably, the correlation between these major coins and Dogecoin has increased significantly during the strong fluctuations earlier this year.

The “fear and greed” index indicates that risk-averse sentiment and negative trends prevail. This context has shaped the trading conditions of Dogecoin, which often reacts strongly to changes in market sentiment.

During the session, the price of Dogecoin fell from around $0.18 to about $0.16 before finding support. Strong selling pressure during the day pushed trading volume up high, as short-term investors actively reduced their risk.

After the fall, Dogecoin has been trading within a narrow range for several hours. The price fluctuates slightly, reflecting the hesitation between buyers and sellers.

This sideways trading style is often referred to as the “accumulation” phase, when the price absorbs previous fluctuations and investors reassess the level of risk.

Whale Position and Dogecoin Outlook

On-chain analyst Ali Martinez has detected a positive trend beneath the short-term weakness. He focuses on monitoring wallets holding between 100 million and 1 billion DOGE – addresses that control a large portion of the circulating supply and have the potential to significantly influence overall liquidity.

According to Martinez's data, these large holders have accumulated an additional approximately 4.7 billion DOGE in just the last two weeks. This accumulation move comes despite price volatility, demonstrating the confidence of long-term investors.

Notably, most of these addresses choose to accumulate gradually, rather than placing a large order at once. This strategy helps to fall the impact on price and limit the influence on the order book during trading hours.

This behavior has turned the recent fall into a strategic accumulation zone, rather than a widespread distribution phase. The buying by whales has actively withdrawn DOGE from circulation, reducing supply on the exchange. History shows that after continuous accumulation phases by whales, the price of Dogecoin often tends to grow significantly.

In previous cycles, large-scale accumulation often occurred near the mid-term bottom rather than at the peak. These accumulation clusters are often seen as signs that large investors are positioning themselves early, setting the stage for rallies that last several weeks.

Martinez stated that the current accumulation phase has medium to long-term significance, and is not just a short-term trading activity. Large wallets tend to act slowly and are less affected by daily price fluctuations.

Long-term model and future prospects of DOGE

Trader Tardigrade analyst on platform X has studied the long-term charts and discovered a large triangle pattern that has held the price of DOGE for nearly 5 years.

This time frame encompasses both the strong growth phase and the subsequent deep correction process, reflecting many alternating cycles of optimism and caution.

According to technical analysis, a triangle pattern forms when the price creates lower highs and higher lows, signaling a prolonged accumulation phase as buyers and sellers struggle within an increasingly narrow range.

Investors see this as a “rolling force” process, where small fluctuations gradually reduce and market energy accumulates for a decisive breakout. The final direction will depend on how the market receives new information.

Tardigrade forecasts that if the price of DOGE breaks out of the triangle top, the target could reach $1 – $1.20. He believes that a strong move above this resistance zone will trigger a bullish scenario.

He also noted that the consensus between the spot and derivatives markets, along with a significant increase in trading volume, would confirm the true strength of the breakout.

Typically, a successful breakout requires an increase in volume and confirmation from the overall market sentiment. If whales continue to accumulate while the triangle pattern remains intact, the bullish outlook for DOGE will be further strengthened.

Mr. Giáo