Dogecoin Whales Sustain Their Accumulation Spree, Procuring a Substantial Amount of DOGE Tokens During the Latest Price Dip

Ali Martinez, a prominent market analyst, first called the public's attention to the latest bullish move, which demonstrated the optimism among these whale addresses.

Dogecoin price pulled back last week after hitting a new all-time high at $0.46 on Monday. The last time DOGE observed a comparative decline was on July 4 amid a broader market slump. However, the latest dip also came on the back of a broader corrective phase in the crypto market. But Dogecoin whales made the most out of the recent price drop by accumulating a substantial amount of DOGE tokens.

Prominent market analyst Ali Martinez first highlighted the latest bullish move, which showed the optimism among these whale addresses. Citing on-chain data from market analytics resource Santiment, Martinez revealed that whales holding between 10 million to 100 million Dogecoin amassed about 210 million tokens amid the latest bearish phase that began on Monday.

"Dogecoin whales bought 210 million $DOGE during the recent price correction!"

The 210 million tokens they procured are valued at over $88 million at the current price of $0.42. According to Santiment, these whales held a cumulative balance of 21.64 billion DOGE right before Dogecoin witnessed the recent price slump.

Following the correction phase, the holdings among these addresses have now skyrocketed to the current figure of 21.85 billion tokens, marking an increase of 210 million Dogecoin in four days.

Further data examination reveals an even more impressive accumulation behavior over a longer timeframe. As of late-October, their holdings stood at 18.55 billion tokens. With this figure now at 21.64 billion, these whales have added 3.3 billion worth $1.39 to their bags in two months.

The latest accumulation spree amid a price drop shows their appetite for buying the dip. For context, Dogecoin suffered a massive 11.22% price collapse on Dec.9. The last time DOGE observed a comparative decline was on July 4 amid a broader market slump.

Notably, the latest decline also came on the back of a broader corrective phase in the crypto market, led by the Bitcoin (BTC) crash from the $101,000 top. By Dec. 10, BTC had slumped to the lower ends of the $90K level, impacting altcoins like Dogecoin and triggering a cascade of liquidations.

DOGE eventually slumped to $0.3653, its lowest price in over two weeks, before mounting a recovery. However, while the pullback triggered large liquidations of long positions and led to panic-selling, these whales leveraged the opportunity to buy the dip.

So far, this decision appears to be paying off, as Dogecoin has since recovered nearly 15% from the $0.3653 low. Market analyst Scofield confirmed that amid the latest collapse, DOGE previously broke below a lower trendline that had served as support since early November.

However, as the rebound campaign began, the meme coin has now recovered above the trendline. Meanwhile, Cryptomist, another market analyst, called attention to an ascending triangle that DOGE recently dropped below. He suggested that a push back inside the triangle could set the stage for a rally to ATH.