Dogecoin is making a strong move to lead the coin’s bull market frenzy, driven by significant ongoing whale accumulation that is impacting its price performance.
Market watcher Ali Martinez recently cited data from intelligence platform Santiment, confirming that whales accumulated 200 million DOGE tokens in a 48-hour window.
These investors hold Dogecoin wallets ranging from 100 million tokens to 1 billion. Before consolidating their holdings, they collectively held approximately 22.83 billion DOGE in total. However, yesterday this figure increased to 23.03 billion.
Specifically, their last major purchases took place between Wednesday and Thursday. At the time, DOGE price fluctuated between $0.3300 and $0.3874, demonstrating the impact of these large accumulations. At press time, Dogecoin is trading at a much higher price.
As a reminder, Dogecoin finally broke through the $0.40 price level, surpassing this key psychological resistance for the first time in 2025. At the time of writing, DOGE recorded an 11% gain over the past 24 hours, trading at $0.415.
This ongoing rally has completely erased the losses Dogecoin suffered over the past few weeks, posting an impressive weekly gain of 23%, the largest among the top meme coins.
Dogecoin Whale Patterns Amid DOGE Rallies
Although the latest acquisition of Dogecoin whales is contributing to the price surge, it is important to note that these investors often liquidate their holdings during increased DOGE bull runs.
As a chart from Santiment shows, these whales had a portfolio of approximately 23.7 billion Dogecoin tokens as of January 7. This figure followed a dramatic one-day surge, during which they added over 600 million tokens.
At that time, Dogecoin was trading at $0.3978, attempting to break through the $0.40 level. However, these whales started selling their accumulated DOGE tokens en masse, causing the price to drop. They continued selling until the price reached its current level, at which point they added another 200 million tokens.
Selling pressure was evident when Dogecoin price fell to $0.3151 on January 9. However, a more powerful price rally is underway, fueled by improving sentiment in the broader crypto market and whales returning with more funds.
How high will Dogecoin go this month?
Market Analyst Ali Martinez Predicts Dogecoin Could Rise Up to 700% from next weekbased on historical price patterns. He noted that Dogecoin had retraced 46% from its December high, similar to a 56% correction in January 2021 before seeing a massive uptrend.
Martinez suggests Dogecoin could follow this cyclical trend and potentially hit a price range between $4 and $23.
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