Whales now control approximately 12% of Dogecoin’s circulating supply after accumulating over 240 million DOGE in the past week, valued at nearly $20 million. The meme coin’s price has fallen 9% over seven days to about $0.08, prompting large holders to buy the dip. Analyst Ali Martinez noted that large investors continue buying, suggesting confidence ahead of a potential rebound. Technical indicators show Dogecoin’s Relative Strength Index at an extreme oversold level of 9, while exchange netflow data reveals sustained outflows, reducing immediate selling pressure. Several technical analysts have identified bullish patterns, including an ascending channel and a cup-and-handle formation.
Large investors now control roughly 12% of Dogecoin’s circulating supply, according to on-chain data. Over the past week, these whales accumulated more than 240 million DOGE, with a U.S. dollar value of approximately $20 million.
The asset’s price declined 9% over the last seven days, currently trading near $0.08. Analyst Ali Martinez stated, “Large holders continue buying the dip, suggesting confidence may be building ahead of the next potential rebound.”
Dogecoin’s Relative Strength Index has dropped to 9, an extremely oversold level on the 0-to-100 scale. Values below 30 are typically considered buying opportunities, while readings above 70 warn of a potential correction.
Exchange netflow data shows outflows have significantly outpaced inflows over recent weeks. This trend indicates investors are moving tokens from centralized exchanges to self-custody, lowering available selling pressure.
Analyst Trader Tardigrade noted that DOGE has been moving inside an ascending channel and bounced off lower trendline support for the second time. The analyst set a next target at $0.093.
In a separate analysis, Trader Tardigrade maintained that the meme coin formed a potential cup-and-handle structure. A clean breakout above the handle could lead to a spike to the $0.10 psychological level.
Analyst Cryptollica described current conditions as the “silence before the storm.” The trader believes now is the best time to buy DOGE in its 12-year history, projecting a price explosion to a new all-time high above $1.
