Dogecoin Whales Accumulate 600 Million DOGE Amid Crypto Market Rally

Dogecoin (DOGE) is seeing renewed bullish momentum as crypto whales accumulate massive amounts of the meme coin. According to analyst Ali, over 600 million DOGE have been scooped up by large holders in just the past 48 hours, signaling growing confidence in the asset’s potential upside. This accumulation coincides with Bitcoin’s recent breakout above $104,000, marking its highest level since January and driving broader market optimism.

At the time of writing, Dogecoin has gained 2.26% in the last 24 hours, trading at $0.2334. Weekly, the cryptocurrency is up over 35%, outperforming most top-10 digital assets except Ethereum, which has surged 38%. Dogecoin briefly hit $0.259 early Sunday—its highest price since February 21—after rallying from a recent low of $0.164 on May 6.

Open interest in DOGE futures has also climbed nearly 10% to $2.85 billion in the past 24 hours, reaching levels not seen since mid-February, per CoinGlass data. Rising open interest alongside price growth typically indicates strong investor conviction and growing speculative interest.

Currently, Dogecoin is facing resistance near $0.259, close to the 200-day simple moving average (SMA) at $0.265. A breakout above this level could fuel further gains, while support is seen at the 50-day SMA. If momentum stalls, DOGE may consolidate between these two SMAs before its next significant move.

Whale accumulation, increased trading activity, and positive technical signals suggest DOGE may be preparing for a continued rally—especially if Bitcoin maintains its bullish trend. Investors are watching closely as Dogecoin attempts to reclaim higher ground in the ongoing crypto market surge.