Recent on-chain data has revealed that Dogecoin whales are back in the market and accumulating tokens en masse.

According to crypto analyst Ali Martinez, who shared the insights on X, these large-scale crypto holders, defined as wallets holding 1 billion DOGE or more, have acquired over 800 million DOGE tokens within a 48-hour period.

With Dogecoin trading around $0.16 at the time, the total value of the purchase amounts to roughly $130 million. The analyst presented a chart which showcases the striking shift in activity among these whales.

After initiating a massive sell off previously, these large crypto traders appear to be taking advantage of low prices to buy more DOGE tokens in hopes of an imminent rally. As the chart shows, a large-scale accumulation began around April 9 and continued through April 14.

This influx of whale interest closely aligns with an upward movement in Dogecoin’s price, which rose from approximately $0.153 to around $0.165 during the same period. The timing and scale of this accumulation also suggest a shift in sentiment and confidence among these big players, often seen as an indicator of potential upward momentum.

Over the past month, the Dogecoin price has dropped by 11.3%, bringing it down to $0.154. Considering the meme coin’s significantly low price compared to its previous high earlier this year, it seems that Whales could be taking a buy-dip approach to accumulate as many tokens as possible during the current market downturn.

Notably, this isn’t the only large-scale purchase by Dogecoin whales this month. On April 11, Martinez reported that whales had also scooped up over 80 million DOGE, a buy valued at approximately $13 million at the time.

This surge in whale activity suggests growing optimism among large traders, possibly reflecting expectations of a price recovery. Further supporting this outlook, Martinez revealed that approximately 72.13% of long-term Dogecoin traders are currently holding long positions. This metric, which measures the percentage of traders who have held onto their Dogecoin positions for at least 100 days or longer, highlights a firm conviction in Dogecoin’s potential to rally, especially if broader market conditions begin stabilizing.