Recent on-chain data indicates significant accumulation in Dogecoin, reflecting renewed investor interest.
Whale Activity and Dogecoin Accumulation
On-chain data reveals that whales have acquired approximately 1.14 billion DOGE, equating to around $227 million in trading volume. Mid-sized wallets holding between 1 million and 10 million DOGE added 800 million tokens since May, signaling renewed investor confidence.
Technical Signals and Trend Confirmation
Technically, Dogecoin broke through the $0.188 resistance level, corresponding to the 23.6% Fibonacci retracement of July’s price swing. The move above the 100-hour simple moving average confirmed a bullish trend reversal. The hourly Relative Strength Index (RSI) reached 76.49, indicating strong momentum despite entering overbought territory. Meanwhile, open interest in DOGE derivatives climbed 15% in 24 hours to $2.44 billion, highlighting a sharp increase in leveraged long positions.
Market-Wide Surge and Impact on Altcoins
Dogecoin’s gains followed a market-wide surge, fueled by Bitcoin’s breakout above $118,000 and renewed macro optimism after President Trump’s calls for aggressive Federal Reserve rate cuts. The positive sentiment spilled over into altcoins, lifting Dogecoin and other assets with strong technical setups. With sustained whale interest, bullish chart signals, and growing market confidence, Dogecoin appears well-positioned to test higher resistance levels.
Given the recent whale activity and technical breakouts, Dogecoin is well positioned for further growth, though traders should remain alert for potential volatility.
