Dogecoin (DOGE) has experienced a volatile start to 2026, with its price briefly reclaiming levels above $0.15 in early January after a period of bearish action at the end of 2025. The rally, which saw the price jump from below $0.12 to the mid-$0.15 range, was accompanied by a significant surge in trading volume. Data shows volume nearly tripled from late December, with notable peaks of $3.56 billion on January 2 and $2.34 billion on January 4.
However, on-chain analysis reveals a critical detail: the coin's largest holders, or 'mega whales,' remained conspicuously inactive during this price surge. According to data from Santiment, addresses holding between 100 million and 1 billion DOGE saw their collective holdings peak around 35.8 billion DOGE on January 4, only to begin trimming their exposure as the price climbed. Their balances fell to roughly 34.59 billion DOGE by January 6 and have since remained flat, indicating a lack of conviction from the biggest players.
In contrast, the bullish momentum appears to have been driven by smaller large holders, termed 'sharks.' Wallets holding between 10 million and 100 million DOGE showed a strong appetite for accumulation, lifting their collective holdings to about 17.63 billion DOGE. Similarly, holders in the 1 million to 10 million DOGE range increased their balances to roughly 10.9 billion DOGE.
The speculation driving this activity includes unconfirmed narratives of whale accumulation and potential expansion into markets like Japan, though no official statements from the Dogecoin project or regulatory filings support these themes. The $0.15 level, a key psychological resistance that halted progress throughout December 2025, is once again proving to be a barrier. As of the latest data, DOGE is trading at $0.1424, with the absence of clear commitment from major whales casting uncertainty over the short-term outlook and reminding investors of the coin's history of volatility driven by social media and meme culture.
