Dogecoin Whales Accumulate 480 Million DOGE in 48 Hours Amid ETF Speculation and Rising Network Activity

Dogecoin (DOGE) has seen a significant surge in whale accumulation and network activity, sparking speculation about a potential price inflection point. Between December 2 and December 4, wallets holding between 1 million and 100 million DOGE increased their collective balance by approximately 480 million tokens, according to data from Santiment shared by analyst Ali Martinez. This brought total whale holdings from about 28 billion to 28.48 billion DOGE.

The buying spree occurred as DOGE rebounded from $0.14 to $0.15 following a recent dip, with the timing suggesting large players were stepping in near a perceived local bottom. This aligns with a potential buy signal from the TD Sequential indicator, which has historically marked turning points during corrections.

However, a major resistance zone looms. Data from Glassnode indicates that around 11.72 billion DOGE were previously acquired between $0.2028 and $0.2044, creating a strong sell wall. Many of these wallets are currently at a loss, which could increase selling pressure if the price approaches the $0.20 level again.

Concurrently, network fundamentals are strengthening. Dogecoin recently recorded 71,589 active addresses, its highest level since September 2025, signaling growing user engagement despite price weakness. This surge in activity coincides with renewed institutional interest, highlighted by recent spot DOGE ETF filings from asset managers 21Shares and Grayscale.

Analyst Sina Estavi, CEO of Bridge AI, points to on-chain metrics suggesting the market is entering an accumulation phase, not a speculative bubble. The Dogecoin Bubble Risk Model indicates the asset is not significantly overvalued, with the signal muted compared to previous cycles, pointing to stable accumulation and strong holder conviction.

Long-term chart analysis from Trader Tardigrade shows DOGE following a pattern reminiscent of its structure before the 2021 rally, building a series of higher lows. This suggests the coin may be entering a more volatile period, though it must first overcome key resistance levels to confirm a larger upward move.