Whales Buy the Dip as DOGE Whale Wallets Soar by 130 Million in 24 Hours

Whales demonstrated strong bullish confidence by acquiring 130 million DOGE in a 24-hour period, boosting their total holdings to 50.79 billion during the July rally.

Even as DOGE's price receded to $0.21, whale holdings remained stable, indicating a lack of significant sell-off and suggesting a long-term investment strategy.

Persistent exchange outflows following the peak suggest decreased selling pressure, with whales continuing to hold their positions despite the price retracement.

Dogecoin's price fluctuations have drawn renewed attention as major holders, commonly known as whales, have begun accumulating more of the cryptocurrency. According to analyst Ali, these whales collectively purchased 130 million DOGE within a single day.

This activity follows a price retreat from the mid-July highs, raising questions about how whales behave during market corrections. On-chain data reveals a surge in accumulation by wallets holding between 10 million and 1 billion DOGE, which closely correlates with key price movements since early July.

Accumulation Increased as DOGE Price Peaked in Mid-July

From June 30 to July 10, DOGE's price remained relatively stable, fluctuating between $0.156 and $0.18. During this period, whale holdings remained around 49.26 billion DOGE, showing no substantial changes. However, from July 10 onward, both the price and whale holdings experienced sharp increases.

DOGE holders chart, Source: Ali on X

By July 20, the price reached a peak near $0.287, while holdings climbed to approximately 50.79 billion DOGE. This surge indicates that large wallets were accumulating during the uptrend, demonstrating strong confidence from major holders during the price rally. Between July 18 and 22, outflows were dominant, with several exceeding $20 million. These large outflows suggest a reduced exchange supply and holding activity, which is often associated with bullish trends.

Outflows Continued Even as Prices Retraced

After the July 20 peak, DOGE gradually declined to a low around $0.21–$0.22 by July 28. Despite this retracement, whale holdings remained high, near 50.54 billion DOGE by July 29. This sustained level suggests that whales did not engage in significant selling during the pullback.

DOGE Spot Inflow/Outflow chart, Source: Coinglass

Netflow data between July 23 and July 29 supports this view. Consistent outflows, particularly on July 24, 25, 27, and 28, with some surpassing $30 million, imply ongoing holding or accumulation. These steady outflows reduce the amount of DOGE available on exchanges, limiting potential sell pressure even during a market dip.

Inflow and Outflow Patterns Indicate Whale Intent

Prior to the mid-July rally, net inflows were modest, rarely exceeding $10 million. However, between July 11 and 17, inflows rose sharply, peaking around $50 million to $60 million. This influx coincided with the buildup to DOGE's rally and may represent speculative positioning by large holders.

During and after the price peak, the dominance of outflows revealed a different perspective. Funds were moved off exchanges, hinting at reduced short-term selling intent. The divergence between price direction and wallet activity suggests a possible decoupling, where large holders maintain their positions regardless of temporary corrections.