Dogecoin’s recent price rally appears linked to significant whale accumulation and heightened futures market activity. On-chain data shows large holder balances reaching an all-time high of 108.52 billion DOGE, valued at approximately $11.6 billion, alongside a surge in whale transactions. Analysts note this aggressive buying during consolidation often indicates a price floor is forming, with the next target observed at $0.1172.
A wave of whale transactions suggests something bigger may be unfolding behind Dogecoin’s latest price surge. The OG meme coin has risen even as other top crypto assets have pulled back.
On-chain data recorded 739 transfers of more than $100,000 in a single day, a six-month high. Among 149 wallets holding at least 100 million DOGE, total holdings have reached a record 108.52 billion tokens, worth around $11.6 billion.
This uptick coincided with a 14% price increase over ten days, which analysts believe is likely not a coincidence. Ali Martinez recently flagged one of the year’s biggest transaction spikes after nearly $800 million moved in 24 hours.
He noted such jumps historically precede periods of volatility, reflecting large wallets repositioning. “He said this trend typically indicates the formation of a price floor,” with $0.1172 now seen as the next target.
Dogecoin’s futures market has picked up pace as its open interest reached 15.3 billion tokens. Binance dominated this activity with more than 4 billion, followed by Gate.io at 1.86 billion.
The build-up of leveraged trades means any change in momentum could trigger sharp pullbacks. However, the current activity suggests traders are opening new positions, which typically supports an ongoing upward move.
