Major investors are showing interest in crypto once again, and this time they’ve set their sights on a familiar target: Dogecoin (DOGE).

As the price of Dogecoin hovers above the $0.17 mark, a striking shift in trading activity has come into focus. Within seven days, whales have accumulated a staggering 100 million DOGE, according to crypto analyst Ali Martinez.

This accumulation, which is being tracked in wallets holding between 1 million to 10 million DOGE, signals a potential build-up for a large market movement.

“Huge accumulation of $DOGE. It seems like major investors are getting involved again in crypto and they are piling up on $DOGE. In the last 7 days, whales (1M-10M) have accumulated 100M $DOGE. This is a huge amount of buying pressure that could propel $DOGE to new highs.”

Despite the recent pullback from the March highs, which saw Dogecoin rise to $0.19, the crypto is showing signs of gaining momentum again.

On May 1, crypto analyst Ali Martinez noted that whales have accumulated 100 million DOGE in the last seven days. This surge, tracked through wallets holding between 1 million and 10 million DOGE, signals growing interest from large holders.

This growing concentration of holdings hints at increasing confidence among institutional players. Whale accumulation is often a precursor to significant market movements. Such behavior has now stirred bullish sentiment among retail investors, as many see this as the beginning of a new upward cycle.

On the technical front, a hidden bullish divergence has emerged in the Relative Strength Index (RSI), signaling that the market may be gaining strength despite appearances. This development was flagged in a TradingView update by analyst Cryptokijker, who believes the structure of the current price pattern leans toward a neutral-to-bullish outlook.

The crypto price recently broke above the Previous Day Low, which reinforces the idea of a potential trend shift.

Cryptokijker also placed his short-term breakout targets at $0.1840 and $0.1920, with the breakout point expected to start above $0.1790. He added that DOGE has been actively accumulated in the discount zone between $0.15 and $0.16, a move interpreted as smart money entering before a larger rally.

Strong volume patterns and structure breaks on the chart backup his view that Dogecoin is now transitioning from accumulation into a markup phase.

Support around the $0.1760 level—where earlier accumulation occurred—has held firm. Price stability above this zone and continued volume growth both point to a market preparing for expansion. At present, Dogecoin trades around $0.176, marking a 1.17% gain in the last 24 hours, according to CoinMarketCap.

Looking further ahead, analysts are watching for a potential test of the psychological barrier at $0.20. If the price secures a monthly close above this level, Ali Martinez says Dogecoin could begin climbing toward its all-time high. He emphasized that this would mark the return of strong bullish momentum and possibly ignite wider investor interest.

Analyst Crypto Patel Predicts Dogecoin Could Hit $5

Another analyst, Crypto Patel, took to Twitter on April 30 to share his analysis of Dogecoin’s potential.

Patel stated that DOGE is setting up for its next big move, highlighting a historical support level at $0.07, from which Dogecoin recently bounced.

Sharing a three-week chart of Dogecoin, Patel pointed out a long-term support level at $0.07, where Dogecoin has recently bounced. He highlighted a historical pattern with breakout waves in 2014 and 2021, both following similar phases of consolidation.

Patel's chart suggests a potential Wave 3 that could push Dogecoin as high as $32, aligning with the top line of a decade-old ascending channel.

While this projection drew criticism from some traders who found it too far-fetched, Patel clarified that his target includes a “profit ride strategy” and that a more realistic long-term level is closer to $5.