New data released by On-Chain Analytics Platform Santiment and highlighted by market commentator Ali Martinez shows that the largest Dogecoin investors have quietly expanded their position over the past four weeks, while activity on the network is accelerating – all of which tend to grind technology ceilings as Memecoin wears out of its price.
Dog whale fish fuel bullish momentum
Martinez pointed to a wallet with 100 million to 1 billion equestrians – a queue that is often described as a “middle-level whales.” According to the gray area in the whale accumulation chart, their combined balance was approximately 24.6 billion Thomas on April 13, but by May 13, the captain rose to less than 26 billion.
The difference of about 1.4 billion vehicles (valued over $300 million) is in the off-the-shelf spot price difference – confirming that even if the tokens gather, large holders absorbed a large supply. At the time of snapshot, the same population controlled 25.97 billion units, although the value had reached about 26.5 billion units on May 10.
Online activities seem to be following the money. The second santiment dashboard shows the daily activity address from April 12 to 13 to 680,000 peaks north of 680,000, and then easily to 69,200 on Print 15 in May.
The volume in dollar terms reflects the surge, soaring to $1.21 billion and still holds a high price of $5.4996 million in the latest reading. Perhaps the most convincing depth of the market, the number of individual transfers worth over $1 million (drawn in purple on Martinez’s chart), is irritated in the same window, emphasizing that the driving force of the surge in activity is driven by large transactions rather than retail rather than retail.
Doge prices face key resistance
While the streaming tape looks constructive, the price chart believes the market is still at a critical moment. In the three-day candle chart shared by Martinez, Doge trades for $0.2277 and presses into the supply wall, the band is between about $0.24 and $0.26.
Throughout December 2024, the horizontal area (gray is gray) has been solid and became resistance after the collapse in mid-January. After that, it produced several clean rejections, each marked by Martinez’s downward arrow. Earlier this week, another offending attempt pierced the band’s intraday, but failed to settle above it, leaving the level intact.
If the buyer limits decisively above $0.2600 per day, the chart shows vacuum cleaners up to $0.3000, Martinez’s move said, “It could trigger a new bull run.” Instead, the risk of failing to clear the ceiling is towards the risk of swinging in the $0.1700 area that begins with the base structure in April.
To sum up, on-chain accumulation, jumps in large transactions and inflation in address activities provide basic support for bids under DOGE. Whether this demand can overwhelm the well-defined 0.24-$0.26 obstacle will determine whether recent accumulation marks the opening remarks of a larger ascending activity, or just another range of Flurry. For now, the whale has bet. The market is waiting to see if prices will follow.
At press time, Doge traded at $0.22.
Featured Images created with dall.e, Charts for TradingView.com
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
