TL;DR
- Whales holding 1B+ DOGE added 310M tokens during the recent price dip, signaling strong accumulation.
- Analysts spot bullish signals, including a double bottom, Golden Cross, and Elliott Wave formation on the DOGE chart.
- Polymarket shows a 75% chance of DOGE ETF approval by 2025, boosting investor attention sharply.
Large Holders Increase DOGE Positions
In the past 24 hours, wallets holding more than 1 billion Dogecoin have added 310 million DOGE, based on data shared by market analyst Ali Martinez. These wallets now hold around 72.62 billion coins. This activity came as Dogecoin corrected, suggesting that some large holders are using the lower price to increase their positions.
At the time of writing, Dogecoin was priced at $0.223. It has had minor gains in the past day but remains down 9% over the last week. While price action has been mixed, the steady rise in large wallet holdings stands out during this period.
Alongside the biggest wallets, others holding between 10 million and 1 billion DOGE also made purchases. On July 29, this group added 130 million coins. This follows another wave of buying reported on July 24, when 310 million DOGE was accumulated across larger wallets over two days.
In fact, these recent additions show that accumulation is not limited to just the top holders. Instead, multiple wallet sizes appear to be active while the price remains below recent highs.
Market Structure Showing Key Patterns
Analyst Joe Swanson has pointed out several key patterns on the chart. According to him, DOGE formed a double bottom near the $0.13 to $0.14 range, followed by a move that led to a Golden Cross.
Notably, this pattern occurs when the 50-day moving average moves above the 200-day average, often seen during trend shifts.
He also shared a chart showing a possible Elliott Wave setup, with DOGE currently in the third wave. Based on this structure, Swanson expects a move toward $0.3763 if momentum continues.
He also mentioned the ongoing talk about a possible Dogecoin ETF. As of now, Polymarket data shows a 75% chance of approval by the end of 2025. This has drawn more attention to DOGE across the market.
Familiar Setup Noted in Past Cycles
Another analyst, Galaxy, compared the current DOGE chart with a previous pattern from 2024. That earlier setup included a double bottom, a quick pullback, and then a strong price move. The current chart shows a nearly identical shape forming.
Galaxy’s view is that DOGE may be repeating that same structure. If so, recent buying could be part of a longer build-up phase before the next upward move.
