Whales Keep Buying the Dips: 310M DOGE Snapped Up in a Day

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TL;DR

• Whales holding over 1 billion DOGE have significantly increased their holdings by adding 310 million tokens during a recent price dip, indicating strong accumulation activity.
• Analysts have identified several bullish indicators on the DOGE chart, including a double bottom formation, a Golden Cross, and an Elliott Wave pattern.
• Polymarket data suggests a 75% probability of a DOGE ETF approval by 2025, substantially increasing investor interest.

Large Holders Increase DOGE Positions

Data from market analyst Ali Martinez reveals that wallets containing more than 1 billion Dogecoin have collectively acquired 310 million DOGE in the last 24 hours. These wallets now hold approximately 72.62 billion coins. This accumulation occurred during a price correction for Dogecoin, suggesting that major holders are capitalizing on the lower prices to expand their positions.

At the time of writing, Dogecoin was trading at $0.223. While it has experienced slight gains over the past day, it remains down by 9% over the last week. Despite the mixed price action, the consistent growth in holdings among large wallets is a notable trend.

In addition to the largest wallets, those holding between 10 million and 1 billion DOGE have also been actively purchasing. On July 29, this group added 130 million coins. This follows a previous wave of buying reported on July 24, where 310 million DOGE were accumulated across larger wallets over a two-day period.

These recent additions indicate that accumulation is not exclusive to the top holders. Instead, various wallet sizes appear to be actively participating while the price remains below recent highs.

Market Structure Showing Key Patterns

Analyst Joe Swanson has highlighted several important patterns emerging on the Dogecoin chart. According to Swanson, DOGE formed a double bottom near the $0.13 to $0.14 range, followed by a move that resulted in a Golden Cross.

This pattern is characterized by the 50-day moving average crossing above the 200-day moving average, often signaling a potential trend reversal.

Swanson also shared a chart illustrating a possible Elliott Wave setup, with DOGE currently positioned in the third wave. Based on this structure, Swanson anticipates a move towards $0.3763 if the current momentum continues.

He further noted the ongoing discussions surrounding a potential Dogecoin ETF. Current data from Polymarket indicates a 75% probability of approval by the end of 2025. This prospect has significantly increased attention towards DOGE within the broader market.

Familiar Setup Noted in Past Cycles

Another analyst, Galaxy, drew a comparison between the current DOGE chart and a pattern observed in 2024. The earlier setup involved a double bottom, a subsequent pullback, and then a significant price surge. The current chart exhibits a nearly identical formation.

Galaxy suggests that DOGE may be replicating this previous structure. If this is the case, the recent buying activity could be part of a longer accumulation phase preceding the next upward movement.