Dogecoin Whales Accumulate Amidst Market Downturn
The leading meme coin, Dogecoin (DOGE), experienced a significant downturn alongside the broader market at the close of the previous business week, and its subsequent recovery has yet to inspire confidence. However, this market correction has provided an opportunity for large investors, often referred to as “whales,” to increase their holdings at reduced prices.
Data from Santiment, shared by prominent analyst Ali Martinez, indicates that these whales have acquired over 200 million DOGE tokens in the past week alone. A chart accompanying the analysis illustrates a consistent rise in DOGE holdings by these large investors over the last several days, reaching a total of 18.84 billion coins.
Last week, DOGE saw a notable decline, particularly on Friday, falling below the $0.08 mark for the first time since February 2025. As of press time, the cryptocurrency had recovered slightly to $0.084, but it remains significantly depressed, trading 89% below its all-time high achieved in May 2021.
Martinez has also recently cautioned that DOGE could be facing a more substantial decline if specific market indicators align. He pointed out that the meme coin’s price action has historically followed multi-year consolidation patterns, characterized by extended periods of compressed volatility and supply redistribution before the commencement of larger market cycles.
Based on several on-chain metrics, Martinez suggested that DOGE could potentially drop to $0.058 if the current support level at $0.081 fails to hold.
Meanwhile, data from SoSoValue reveals a lack of interest from ETF investors in the largest meme coin. Since May 19, there has been only one day of reported inflows, with all other days showing no significant activity. The three funds tracking Dogecoin’s performance have collectively attracted a modest $12.44 million since their launch in late November 2025.
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