Whales accumulated roughly 160 million Dogecoin (DOGE) tokens worth about $18 million over a 96-hour stretch, lifting the memecoin above $0.109 resistance.
Whale Buying Spree
The accumulation was first flagged by analyst Ali Martinez in an X post and later confirmed by crypto.news.
Santiment data tracked the same 96-hour window ending May 4. Large-holder balances rose from 17.82 billion to 18.15 billion DOGE during that period, and whales now control about 11% of the circulating supply.
DOGE jumped from $0.1075 to $0.1119 in a single high-volume burst, breaking the $0.109 resistance level that had capped price in recent sessions.
The token gained roughly 4% in 24 hours and over 12% on the week, according to Benzinga Pro data. The move coincided with Bitcoin (BTC) climbing past $80,000, which lifted broader market sentiment.
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Trader Positioning
Open interest in DOGE futures climbed nearly 30% to $1.77 billion over the past week, Coinglass data showed. The long/short ratio hit 1.8, meaning most traders were positioning for further upside rather than a pullback.
The MACD indicator flashed a buy signal on TradingView, and Stochastic RSI pointed in the same direction.
The standard RSI, however, has pushed past 70, a level that often signals overbought conditions and possible near-term cooling. DOGE is trading above the $0.1085 trend line support and the 100-hour simple moving average, with traders watching $0.114 as the next resistance target.
Recent Context
Spot Dogecoin ETFs added to the bullish backdrop. The Grayscale Dogecoin Trust, 21Shares Dogecoin ETF, and Bitwise Dogecoin ETF together drew nearly $460,000 in net inflows during the week ending May 1.
This is not the first whale buying wave around DOGE.
Last month, Martinez flagged accumulation worth over $330 million during a period of tight price action. On-chain platform Santiment also recorded 739 single-session transfers above $100,000 on May 1, the highest one-day count of large transactions in six months. The 149 wallets each holding at least 100 million DOGE now control a combined 108.52 billion tokens, an all-time high worth roughly $11.6 billion.
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