The cryptocurrency market has experienced significant losses over the past few days, with many leading assets declining in value.
Dogecoin Price Slips
Dogecoin, the largest and oldest meme coin, has not been immune to the downturn, falling to just over $0.10, a level not seen since April 30th. The coin’s momentum stalled after nearing $0.12 last week, resulting in a 10% weekly decline, the most significant among larger-cap altcoins.
Whale Accumulation Continues
Despite the recent price drop, overall investor behavior has been positive. Reports emerged in early May indicating that Dogecoin whales had been quietly accumulating the cryptocurrency. The total holdings of wallets containing at least 100 million DOGE reached an all-time high of over 108.5 billion DOGE.
Further data revealed that these large investors acquired 470,000,000 DOGE within three days. These purchases coincided with the asset’s price recovery to $0.118. Even after the subsequent price retracement, whales have continued accumulating, according to data shared by analyst Ali Martinez.
Martinez noted that large investors purchased over 525,000,000 DOGE in just four days. Such accumulations can reduce immediate selling pressure and potentially encourage smaller investors to follow suit.
Analysts Remain Optimistic
Despite the current market conditions, several crypto analysts on X remain optimistic about a potential rally for Dogecoin.
Analyst Nehal noted that DOGE is currently mirroring the moves following the August 2024 bottom, where it saw four consecutive “strong green weekly candles, followed by two red consolidation weeks before a major breakout rally.” Nehal added that Dogecoin had already marked four consecutive green weekly candles after the February 2026 bottom and is currently in its second consolidation week. If history repeats, DOGE could either close the week near the open before continuing higher or immediately turn green and accelerate “faster than expected.”
Trader Tardigrade also commented on the meme coin’s historical performance, noting that the current price decline is the third similar pattern the asset has exhibited over the years. The two previous instances led to substantial rallies, with gains of up to 29,000%. “The pattern is identical. Support has been reclaimed,” they concluded.
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