Whale Alert: 130M DOGE Scooped Up as Price Slides 15%

TL;DR

Large wallets accumulated 130M DOGE during the recent price dip, hinting at strategic accumulation at lower price points.
A potential double bottom pattern is forming with a critical resistance level at $0.2435 on the 4-hour chart.
Dogecoin's RSI has dipped into oversold territory as wallet growth surpasses 109M active addresses.

Whales Acquire Large DOGE Volume During Market Pullback
Over the past 24 hours, wallets holding between 10 million and 1 billion DOGE have added 130 million coins, according to data shared by Ali Martinez. This accumulation occurred as Dogecoin’s price fell below $0.23, representing a 6% decline in a single day and a more substantial 15% drop over the past week.
Notably, the chart indicates that holdings in these large wallets have been steadily increasing while the price has been decreasing. This pattern often suggests strategic buying during a market correction, with whales positioning themselves for potential future upward movements.
Highlighting the accumulation as a reaction to the recent price action, Martinez stated:

Whales bought the dip! They have accumulated 130 million Dogecoin $DOGE in the last 24 hours. pic.twitter.com/G3h9dkBFJN
— Ali (@ali_charts) July 29, 2025

Potential Reversal Structure
Trader Tardigrade has pointed out that Dogecoin may be forming a double bottom pattern on the 4-hour chart. This pattern is characterized by two low points occurring near the same price level, separated by a short-term price increase.

$Doge/H4#Dogecoin might be forming a Double Bottom Pattern pic.twitter.com/BnhM0nEOLI
— Trader Tardigrade (@TATrader_Alan) July 29, 2025

The first low occurred near $0.2160 on July 25. A second dip formed on July 29, slightly above the previous low. Both bottoms are followed by a resistance level around $0.2435. The asset has tested this level multiple times but has yet to break through decisively.
A successful move above $0.2435 could pave the way for targets near $0.27. Conversely, a drop below $0.22 would invalidate the pattern.
Oversold Signal Appears on 1-Hour Chart
In a separate post, the same analyst shared a 1-hour chart indicating a 10% price decrease over 17 hours. During this decline, the Relative Strength Index (RSI) moved from overbought territory to below 30, which is considered oversold.

$Doge/H1 #Dogecoin has dropped almost 10% in the last 17 hours. The RSI indicates it’s now in an oversold zone, presenting a potential opportunity to find support and either consolidate or reverse to an uptrend (further confirmation needed). pic.twitter.com/sCvEZMrTS5
— Trader Tardigrade (@TATrader_Alan) July 28, 2025

When the RSI falls to such low levels, it often reflects strong selling pressure that may be nearing exhaustion. The chart suggests that the asset could now pause or potentially reverse direction. However, further confirmation is still required.
Furthermore, data from Glassnode reveals consistent growth in Dogecoin addresses. At the time of reporting, there were 109.14 million active addresses, up from 108.5 million a month prior.

Source: Glassnode

This steady growth suggests continued user interest. While prices have adjusted to lower levels, network participation is increasing, indicating a trend of increased usage and user retention.