Recently, wealthy investors, also known as "whales," have been significantly increasing their purchases of Dogecoin (CRYPTO: DOGE) tokens. This activity has been a noticeable trend over the last two weeks.

What Happened: In a recent X post on Tuesday, renowned cryptocurrency analyst and trader Ali Martinez made an interesting observation. According to his analysis, more than 200 million DOGE tokens have been accumulated by these large investors in the past 14 days. At current price levels, this bulk buy has a value of $38.70 million.

These investors were actively accumulating low. They began buying heavily as Dogecoin fell to a 2023 low of $0.146 two weeks ago.

After hitting a 52-week low, the meme cryptocurrency staged a 32.53% recovery from the lows.

"Whales have accumulated over 200 million #Dogecoin $DOGE in the past two weeks, showing strong confidence despite recent volatility."

Whales have been accumulating large amounts of $DOGE. In the past two weeks alone, whales have accumulated over 200 million $DOGE.

At the current price, this is valued at $38.70 million.

They started buying heavily when $DOGE plunged to a YTD low of $0.146 two weeks ago.

According to blockchain analytics platform IntoTheBlock, whales hold over 41% of DOGE’s circulating supply.

Also, in the 24 hours to press time, large transactions valued at over $100,000 spiked 41.12%, which shows the huge interest from whales.

According to Coinglass, more than 71% of top trader accounts, also called "VIP," were positioned long on the memecoin. This suggests that they are expecting the cryptocurrency to rise further.

Also, the cryptocurrency’s Open Interest surged 7.88% to a three-week high of $1.98 billion, which shows huge speculative interest in the cryptocurrency.

Part of the improved bullish sentiment may be linked to the formation of a reserve of 10 million DOGE tokens to advance the use of the cryptocurrency in real-world payments.

Dogecoin Price Action: At the time of writing, on Wednesday, 30 August, DOGE was trading at $0.1935, showing a 4.46% increase in the 24-hour period.

Its 30-day price chart also showed an 11.03% gain, while the cryptocurrency had experienced a year-to-date decline of 38%.

According to price data available on Benzinga Pro, Dogecoin is currently involved in a triple-bottom formation, suggesting potential for an upcoming price surge.