Dogecoin (CRYPTO: DOGE) has fallen over 70% in the past 3 months.

After pummeling new lows of $0.10 in mid-March, the meme coin has since recovered slightly to trade around the $0.17 level at the time of writing.

Despite the beatdown, one class of investors appears to be betting on the meme coin to get back up soon.

Dogecoin Whales On A Buying Spree

According to prominent crypto analyst Ali Martinez, Dogecoin whales are “betting on a breakout.”

Specifically, these investors with holdings between 1 million DOGE and 10 million DOGE have added 110 million DOGE worth $18.5 million at current prices to their holdings in the past week, per Santiment Feed data.

These purchases follow 1.4 billion DOGE ($224 million) and $1.7 billion (DOGE) buys made last week.

As Martinez highlighted, these purchases suggest that the whales are betting on a price rebound from the recent lows.

Moreover, this whale buying is a bullish sign that hints at market accumulation.

"While the price action might be grabbing attention, it's the persistent buying pressure from Dogecoin whales that's truly noteworthy," Martinez added.

The recent on-chain signals follow a period of inactivity in the Dogecoin network, which may be changing.

A 'Buzzing' Network

On Wednesday, March 19, Martinez asserted that the Dogecoin network was "buzzing."

Highlighting new data from Santiment, the analyst pointed out that the number of active network addresses had spiked.

This metric jumped over 76% from an average of 160,000 active addresses last week to 282,500 active addresses on Monday, March 17.

A rise in active addresses is typically seen as bullish as it suggests growing network interest, which can translate to increased demand for the native asset.

Amid these positive on-chain signals, Martinez has suggested that a rebound could take the doggy-themed meme coin to a new all-time high at the $2 price point. The analyst made this call citing an ascending channel on the weekly candlestick chart.

In the meantime, however, DOGE continues to idle alongside the broader crypto market, trading at $0.1677, down a negligible 0.29% on the day. The muted price action is likely the result of traders sitting on the fence while they await the Federal Reserve's interest rate decision, which is expected later today.