1,000,000,000+ DOGE in Past Month – Whales up to Something Big?

Cryptocurrency analyst and trader Ali Martinez, known on the X social media network as @ali_charts, has revealed that an astonishing amount of Dogecoin has been accumulated by whales.

This absorption of the largest meme cryptocurrency took place while the DOGE price moved in a range for roughly two weeks and then suddenly went up steeply on May 8. The community has reacted enthusiastically to Ali’s tweet, taking this massive one-billion-DOGE accumulation by large crypto holders as a definite bullish sign.

One billion DOGE added by whales as price jumps

According to the Santiment chart published by Martinez, the heavy Dogecoin accumulation by whales started on April 15 and then resumed at the point where the DOGE price began soaring – May 8. The accumulation curve on the chart follows the DOGE price increase closely. It was mostly whales who hold between 100,000,000 and 1,000,000,000 DOGE coins in their wallets.

On May 8, DOGE began a rapid price increase, peaking after adding 45.53% in just three days, at the $0.25049 level.

Meanwhile, it looks like Dogecoin has formed a Triple Top pattern on the chart as it reached three peaks at approximately the same level. This is a pattern that signifies a reverse from a bullish to a bearish trend.

Over the past two days, Dogecoin has shed 11.1%, dropping to $0.21823. However, a small bullish rebound followed today, taking it up almost 4%. At press time, the iconic meme-inspired cryptocurrency is changing hands at $0.22747 per coin.