Dogecoin Whales Gobble Up 560 Million Tokens, Signaling Renewed Interest in the Meme Coin

Dogecoin's biggest players are back in action, as reports from crypto analyst Ali Martinez reveal that these deep-pocketed investors

Dogecoin whales, a term used to describe large-scale investors in the cryptocurrency, are making significant moves once again. As reported by crypto analyst Ali Martinez, these whales have been actively accumulating vast quantities of DOGE tokens.

According to Martinez's X (formerly Twitter) post on January 31, these whales have collectively acquired an astonishing 560 million DOGE tokens over the span of just one week. This substantial accumulation is evident in the analysis of whale transactions, which are typically defined as transfers exceeding $100,000.

This large-scale purchasing activity follows a period of extensive market selloff. As many investors opted to cash out and sell their cryptocurrency holdings, the overall market trend was bearish, leading to a decline in prices.

After experiencing a surge in December that saw Dogecoin briefly trading above $0.4, the cryptocurrency has faced difficulties in sparking a sustained rally past its all-time high (ATH) of $0.74. Initially rising above $0.4 and generating excitement among analysts, who made several bullish predictions, Dogecoin's price encountered resistance and slipped towards the $0.3 zone.

However, as reported by Martinez in a previous X post, shortly before Donald Trump's Presidential inauguration, Dogecoin whales engaged in a monumental transaction, purchasing a vast quantity of 1.83 billion DOGE tokens over a 48-hour period.

This massive buying spree has attracted the attention of crypto community members, who are speculating on the potential impact of these large-scale transactions. Notably, one crypto member, Mohd Atif, has highlighted the possibility that these Dogecoin whales may have insights into the meme coin's future price trajectory.

As Atif points out, a surge in accumulation by whales often indicates their increased confidence in a cryptocurrency's future potential, leading to optimism among investors. In line with this, the crypto member went on to predict a $1 price leap for Dogecoin, which could be driven by the activities of these large-scale investors.

Meanwhile, as Dogecoin whales continue to acquire more tokens, the price of the meme coin appears poised for a potentially massive rally. In a recent analysis, crypto analyst Trader Tardigrade shared a distinct price chart, highlighting past trends when Dogecoin experienced a rally to new highs.

As depicted in the chart, the meme coin enjoyed a skyrocketing ascent to its highest level in 2017, and it experienced a similar upward surge in 2021 during the previous bull run. With the 2025 bull market already underway, Trader Tardigrade's analysis suggests that the Dogecoin price could have a repeat of historical trends and potentially surge to a new ATH target of $3.8.