Dogecoin (CRYPTO: DOGE) price has stalled in the past few weeks, even as on-chain data points to whale accumulation.

On Sunday, Dogecoin was trading at $0.1743. The cryptocurrency has remained stuck in this range for the past few days.

This price is about 36% above the lowest level this year.

On-chain data compiled by Santiment shows that large investors have continued to accumulate the coin. DOGE holders with between 1 million and 10 million coins have increased their holdings from 10.3 billion in March to 10.5 billion today, a 200 million increase.

Similarly, larger holders with 100 million and 1 billion coins have increased their positions from 23.4 billion in March to 25.52 billion. Whale accumulation, especially in a bear market, is seen as a positive catalyst for an asset.

These whales have bought the coin, potentially anticipating a spot DOGE ETF approval by the Securities and Exchange Commission. The odds of that approval are high because Dogecoin is a proof-of-work cryptocurrency, and the agency is not concerned that it is a security.

Dogecoin price has stalled for two main reasons. First, there are signs of a rotation from traditional memecoins to newer ones on the Solana ecosystem. Its sluggish performance happened as top Solana meme coins like Fartcoin (FARTCOIN) and Popcat (POPCAT) surged.

Second, Elon Musk has hinted that he will scale back his work for the Department of Government Efficiency as the Tesla (NASDAQ:TSLA) stock has crashed. Exiting the DOGE project will not have a direct impact on Dogecoin. However, it may hurt sentiment among investors.

Dogecoin Price Technical Analysis

The daily chart reveals that the DOGE price has moved sideways in the past few weeks. It has formed a symmetrical triangle pattern, with two lines about to converge.

This triangle is forming after the coin crashed from $0.4815 in December. As such, there is a risk that it has formed a bearish pennant pattern.

Therefore, the Dogecoin price may soon break down bearishly, potentially to support at $0.10, which is 43% below the current level. This bearish outlook will be invalidated if it moves above the 50% retracement level at $0.2796.

Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. The two software engineers were reportedly inspired by the popular “Doge” meme featuring a Shiba Inu dog. The coin, formed using Litecoin’s codebase, has seen surges in popularity thanks in part to endorsements from Tesla CEO Elon Musk.