Dogecoin’s large-scale investors, whales, have made a major move in the cryptocurrency market.
According to data from Santiment and market analyst Ali Martinez, whales holding between 10 million and 1 billion Dogecoin accumulated approximately 1.08 billion DOGE within 24 hours as of January 2, 2025. This development has increased their collective holdings to 46.36 billion tokens, representing 31% of Dogecoin’s total supply.
This marks the whales’ first large-scale accumulation since their sell-off in December 2024, which followed a resistance at $0.4844. Their renewed buying activity indicates growing optimism.
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Wyckoff Logic Suggests Continued Market Cycle Progression
Trader Tardigrade, a top crypto analyst, shared insights into Dogecoin’s price movement through Wyckoff Logic.
In a recent tweet, the analyst emphasized that Dogecoin is currently in the “Mark Up” phase of the Wyckoff market cycle. This phase, characterized by price appreciation, follows the “Jump The Creek” structure—a pattern often preceding substantial price increases.
Source: Trader Tardigrade
According to the analysis, Dogecoin has completed the initial wave of this phase. The price is expected to intensify further, potentially culminating in a “Blow-Off Top” before transitioning into the subsequent Distribution and Mark Down phases.
Tardigrade also highlighted the importance of the breakout and retest near resistance, signaling strength and testing supply levels.
Read also: Cardano (ADA) Price Could Hit $12, Expert Predicts – Here’s Why
Supertrend Turns Bullish After Nearly Three Years
Another bullish indicator for Dogecoin is the Supertrend on its 3-month chart. As noted by Crypto Surf, this indicator turned green at the start of January 2025, marking its first bullish signal since January 2022.
Historically, similar signals have preceded price surges. For instance, after flipping green in April 2017, Dogecoin witnessed dramatic increases in 2018 and 2021.
At press time, DOGE trades at $0.3382 with a daily trading volume of $2.8 billion. This represents a 1.29% and an 8.61% price increase in the past day and week. This aligns with the overall bullish sentiment driven by whale accumulation and technical indicators.
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