Dogecoin whales have quietly accumulated more than 525 million DOGE within a 96-hour window, according to data shared by crypto analyst Ali Charts. On-chain metrics showed that collective holdings of large wallets rose from approximately 18.31 billion DOGE to 18.93 billion DOGE between May 18 and May 21, signaling sustained buying interest even as the wider crypto market experienced volatility.
The accumulation unfolded gradually, with multiple large investors adding to their positions rather than a single entity executing a one-off purchase. This steady increase in whale holdings often acts as a sentiment gauge, suggesting that major players remain confident in Dogecoin’s near-term outlook despite choppy price action.
During the accumulation period, DOGE traded near $0.105, pulling back after testing resistance at $0.115. Technical indicators pointed to cooling momentum: the Relative Strength Index (RSI) declined toward 48 after previously reaching overbought territory, and the price slipped toward the middle Bollinger Band around $0.109. The lower Bollinger Band near $0.102 is being watched as a key support level.
Market data revealed a notable divergence between derivatives and spot trading. Futures taker buy dominance extended to 24 consecutive days as of May 22, reflecting persistent leveraged long positioning. In contrast, spot taker CVD—which measures actual buying pressure on exchange order books—has remained largely neutral since May 7, indicating limited non-leveraged demand. This split highlights different conviction levels: futures traders are aggressively betting on upside, while spot market participants are cautious.
Whale accumulation further complicates the picture. Large holders typically move purchased coins off exchanges, reducing the available supply. While this does not create immediate upward price pressure on spot order books, it can increase price sensitivity when new demand eventually materializes. For now, the supply reduction and the disconnect between futures and spot activity suggest that Dogecoin is in a preparation phase, with price action remaining rangebound near $0.105.
