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The largest recent wave of accumulation has been recorded on the Dogecoin (DOGE) market as over 96 hours whales bought more than 525 million, according to data from Ali Martinez citing Santiment. Judging by the unique technical picture on the DOGE chart, it can be assumed that this setup became the main trigger for such aggressive buying.
At the time of the news, DOGE was locked in a classic squeeze directly near a powerful long-term trend line, the 200-day moving average, which runs around $0.117. Since the beginning of 2026, Dogecoin had been trading deep below this resistance.
However, the current chart structure shows that local lows have been rising, forming a strong support base. For large capital, the current convergence with the 200-day curve is the first real chance this year to reverse the global trend from bearish to bullish.
Such a price structure prompts the thought that whales are actively buying DOGE from panic-selling retail holders before the main move begins.
On-chain surge vs. ETF silence
This optimism on-chain, however, contrasts starkly with complete calm in the traditional financial sector as U.S. spot Dogecoin ETFs have recorded zero activity over the same time span. The last inflow of $860,960 was seen back on May 18.
The sobering background for this speculative squeeze also remains the coin's fundamental limitations, which its co-creator Billy Markus reminded the market of the day before. He once again mocked the retail crowd's expectations of seeing DOGE reach a $20 trillion market capitalization, which would exceed the value of all the world's gold reserves.
For the current technical breakout to turn into a long-term trend, the meme coin still needs more than whale buying. Dogecoin needs integration into the real economy, which could come, for example, through the long-awaited launch of payments in Elon Musk's X Payments.
If the breakout above the 200-day moving average takes place, it could completely rewrite the rules of the game for DOGE over the coming months. However, if whales fail to push through this key resistance, the coin risks remaining trapped within its current price cycles.
Dan Burgin
