Dogecoin Whales Resume Accumulation Spree as Supertrend Indicator Flips Bullish on the 3-Month Chart

Dogecoin whales procure over 1 billion Dogecoin tokens, coinciding with a bullish flip for the Supertrend indicator on the 3-month chart.

Dogecoin whales have quickly snapped up over 1 billion Dogecoin (DOGE) tokens within a 24-hour period, a move that coincides with a bullish technical development for the meme coin.

According to a recent report by market veteran Ali Martinez, Dogecoin whales, which hold between 10 million and 1 billion tokens each, collectively purchased about 1.08 billion DOGE on Jan. 2, as reported by a market scanner.

These whales now hold a total of 46.36 billion tokens, which is roughly 31% of the total Dogecoin supply. Notably, these whales began distributing some of their holdings in early December 2024 as Dogecoin faced resistance at the $0.4844 level and subsequently corrected.

At the time, these whales, which held over 50 billion tokens, embarked on a selloff spree until Dec. 27, 2024. The market observed inactivity on their part until the new year, when they carried out the latest accumulation. This marks their first purchase campaign since Dec. 8 and demonstrates a renewal of optimism among these high-profile investors.

As previously reported by Martinez, these same whales were also observed purchasing 300 million DOGE earlier. Meanwhile, The Crypto Basic has also highlighted several on-chain movements from different whale entities, with the latest one involving the transfer of 816 million DOGE.

notably, the recent accumulation by Dogecoin whales comes as the meme coin experiences a bullish technical development. As recently highlighted by market analyst Crypto Surf, the Supertrend indicator has flipped green on the Dogecoin 3-month chart.

For those unfamiliar, the Supertrend indicator aims to identify trends using price and volatility by plotting a line with the crypto asset’s Average True Range (ATR). Prices above the line indicate an uptrend, while prices below signal a downtrend.

It's interesting to note that the Supertrend has been bearish since January 2022. Despite Dogecoin's 87% rise in March 2024 and subsequent 161% uptick in November 2024, the indicator remained bearish. It only recently flipped bullish at the start of January 2025, indicating that Dogecoin is now slipping into a bullish phase.

The last time this indicator turned green on the 3M chart was in April 2017. This event led to a 5,587% increase to $0.01877 in January 2018 and another 3,837% rise to $0.7390 in May 2021.

If its signals prove true again, Dogecoin could be up for another explosive run. Several market experts have predicted price targets like $4 for DOGE following a breakout. At press time, Dogecoin trades for $0.3403, up 3.16% in the last 24 hours.