Dogecoin (DOGE) Shows Signs of Life, Whale Accumulation Fuels Renewed Optimism

Over the last 24 hours, Dogecoin whales have collectively acquired over 80 million DOGE, a move that has fueled renewed optimism among traders and analysts.

Dogecoin (CRYPTO: DOGE) whales have been busy accumulating the meme coin in a big way, collecting over 80 million DOGE in the last 24 hours as the digital asset shows fresh signs of life.

Here's a closer look at the latest on-chain analysis of Dogecoin, which saw a strong technical rebound and is now meeting key resistance.

What Happened: Dogecoin whales, defined as wallets holding 1 million to 10 million DOGE, have been steadily increasing their holdings throughout 2024, according to on-chain data from Bitscreener.

In the last 24 hours alone, a total of 78 batches of coins were transferred between these large wallets, amounting to a staggering 79.8 million DOGE.

The move comes as Dogecoin is attempting to break out of a consolidation range and post a return to the mid-$0.19 to $0.20 level, encountering resistance around $0.20139.

This resistance point is significant as it marks the apex of the last two rallies that stalled in December 2024 and February 2024.

If this barrier can be breached, the next target appears to be the $0.24388 mark, which corresponds to the mid-cycle high reached in late 2024.

To maintain this bullish structure, Dogecoin will need to hold above the $0.18 level, as any retreat below this area could invite renewed bearish pressure.

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Why It's Important: The large-scale and swift accumulation from large holders may indicate a shift in sentiment and potential early positioning for a price move toward the key resistance level at $0.20.

This is in contrast to the scenario in December 2024 when a rally from the $0.14 zone was met with strong selling pressure at $0.18, leading to a setback.

The latest price rebound followed a strong defense of Dogecoin's demand zone between $0.14109 and $0.15200, from which it has bounced back with a clear higher-low structure forming on the charts.

As it edges closer to the $0.18 level, attention turns to the $0.20139 resistance, which acted as a turning point in previous rallies.

If DOGE manages to break this barrier, analysts are eyeing a potential run toward $0.24388, a level that mirrors the mid-cycle high from late 2024.

To maintain this bullish structure, Dogecoin will need to hold above $0.18, as any retreat below this level could open the door to renewed bearish pressure.

Derivatives data further supports the positive outlook. Funding rates across major exchanges remain in slightly positive territory, with Binance showing a rate of 0.009161%. This suggests that traders holding long positions are confident enough to pay a premium, yet not in a way that signals excessive leverage.

The absence of extreme rates indicates a market that is optimistic but not overheated, reducing the likelihood of sudden forced liquidations that can disrupt momentum. This healthy trader positioning supports the idea of a gradual and sustainable price build-up rather than a sharp but unstable pump.

On-chain activity has also shown encouraging signs of revival. Dogecoin recorded over 68,000 active addresses and more than 40,000 transactions in the last 24 hours.

While these numbers are still below the explosive peaks seen in late 2024, they represent a meaningful uptick in engagement. Growing network usage often points to returning speculative interest, and when paired with whale accumulation, it creates a solid narrative for future growth.

Capital flows and speculation are both crucial for maintaining bullish momentum, and increasing activity can attract both.

Adding another layer to the bullish outlook is the notable spike in Dogecoin's Stock-to-Flow (S2F) ratio, which has now climbed to 128.94, its highest in months.

This jump suggests that market participants are beginning to view DOGE as increasingly scarce, a sentiment that can boost long-term valuation expectations.

Although S2F is typically more reliable with assets like Bitcoin (CRYPTO: BTC), its movement here still reflects shifting market psychology.

Concluding Thoughts: Overall, Dogecoin's recent accumulation by whales, recovery from a key support zone, stable derivatives data, and reawakening user activity suggest the possibility of a sustained upward move.

While short-term volatility remains a concern in the broader market, the current conditions appear favorable for a push toward the $0.20 to $0.24 price range.

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