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Dogecoin’s price action looks bare on the surface, but the wallets that often matter most are making interesting moves. Notably, on-chain data shows that large DOGE holders have returned to accumulation at a time when the meme coin is trading below its most important technical price zones of the year.
Dogecoin Whales Are Buying Into Weakness
DOGE has spent much of 2026 under pressure, with rallies repeatedly struggling to turn into upside above $0.10. That has made whale behavior more important because large holders tend to accumulate during periods when smaller traders are either selling, waiting, or losing interest.
On-chain data tracked by crypto analyst Ali Martinez and sourced from Santiment shows that large DOGE holders purchased more than 525 million tokens in a 96-hour window. At the time the accumulation was recorded, Dogecoin’s price action was locked in a tight squeeze directly below the 200-day moving average, a long-term trend line currently around $0.12. For context, that level has acted as a ceiling for most of 2026.
Interestingly, the 525 million DOGE purchase reported by Ali Martinez is especially notable because it happened within only four days. This shows that large wallets were actively absorbing supply during a compressed trading window. This kind of buying can reduce immediate sell pressure on Dogecoin.
Another interesting thing is that the large wallet inflows do not appear to be coming from Spot Dogecoin ETFs. These funds have recorded only $860,960 in inflows over the past week, a relatively small figure compared to the whale accumulation. Based on Dogecoin’s current price, the 525 million DOGE bought by large holders is worth more than $52 million.
The 200-Day Moving Average DOGE Must Beat
The main technical issue for Dogecoin is the 200-day moving average. At the time of writing, Dogecoin’s 200-day MA is at $0.12. Dogecoin is also trading at $0.1025, which places it just 15% below the moving average.
A Dogecoin price breakout above the 200-day moving average would give bulls their first major technical confirmation in months. It would show that the whale accumulation is starting to affect the chart, and it could also force short-term traders to reassess Dogecoin’s position.
According to a crypto analyst that goes by the name Cryptollica on X, Dogecoin is now facing a kind of opportunity that has appeared only a handful of times in the last 12 years, pointing to previous cycle bottoms in 2015, 2020, and 2022. In each case, DOGE spent a long period looking inactive.
As it stands, the Dogecoin Cycle Score has dropped back to the rebuild zone, which is a level that has always appeared when attention to the meme coin is very low. All that needs to happen now is for Dogecoin to break above the 200 MA, and a rally could start to make sense.
