The price of Dogecoin (CRYPTO: DOGE) has been coming into the limelight as whale accumulation activity becomes more prominent, especially in major tiers of top-tier addresses.

What Happened: As the price of Dogecoin has shown signs of slowing momentum after a strong start to May, on-chain analyst Ali Martinez took to X, formerly Twitter, to highlight the significant buying activity by whales in the past month alone.

According to Martinez’s analysis, which was based on data from IntoTheBlock, wallets holding between 100 million to 1 billion DOGE saw a substantial increase in their balances.

This tier of holders, known as tier 6, now control over 21% of the total circulating supply. The last time such a spike in accumulation occurred at this scale at this tier was just before a sustained upward price movement in 2021.

In addition to the sustained accumulation, Active Addresses also saw a 189% spike in May alone.

While a surge in Active Addresses doesn’t always translate to an immediate price breakout, it does factor into the broader narrative of an asset’s momentum.

Indeed, in the context of Dogecoin, this observation is pertinent as it aligns with the broader trend of coins in accumulation phases often seeing increased interest and potential directional follow-through.

Dogecoin’s price structure has shown stability in the past month, but the sustained activity of whales adds a layer of speculation to market forecasts.

Historically, similar trends in accumulation at this tier have often, but not always, been observed to precede breakout patterns, although not necessarily with immediate effect.

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What Next For Dogecoin: Still In Triple Top?Fear and Greed Index is at 70forDogecoin, which is 'neutral.' Itsvolatilityover thepast week is450%, and it's currently tradingat$0.2401, down0.06%in thelast24 hours.

According to CoinCodex, the price of Dogecoin is tipped to reach $0.167 by mid-June 2025. Some analysts believe that the crypto could still fall by 23% from here as they see $0.24 as a key level of strong resistance for the cryptocurrency.

However, Dogecoin may yet surprise with recent developments. Cryptocurrency exchange Coinbase (NASDAQ:COIN) recently announced its plan to issue a wrapped version of Dogecoin, denoted as wDOGE, on its Base layer-1 blockchain.

This will enable users to engage with decentralized applications on Base using Dogecoin or interact with Base DeFi protocols using the native Base token, allowing for cross-chain liquidity and application use cases.

Moreover, community activity around Dogecoin has seen renewed interest, particularly in social metrics. A recent report by CoinMarketCap highlights a sharp uptick in content creation and community-driven discussions relating to Dogecoin.