Whales Accumulate Dogecoin as Weekly Breakout Targets 20%

On-chain data show Dogecoin whale holdings reached a record 108.52 billion DOGE in late April while large transfers peaked at 739 on April 28. Weekly chart patterns project an upside target near $0.131, about 20% above recent levels.

Data from Santiment indicated wallets holding at least 100 million DOGE controlled 108.52 billion tokens in late April, up from under 107.95 billion in mid-April. Santiment recorded 739 Dogecoin transfers worth more than $100,000 on April 28, the highest single-day count in six months.

The transfer spike coincided with the launch of a physically backed Dogecoin exchange-traded product by 1Shares on Xetra, Germany’s electronic trading platform. On-chain flows and large transfers rose around the product’s debut.

Technical analysis of weekly charts shows a descending-triangle formation. Applying the triangle’s height to a breakout projects a target near $0.131, close to the 200-week simple moving average. The 20-week exponential moving average sits near current price and serves as short-term resistance; a move below $0.088 would negate the breakout scenario.

Glassnode on-chain cost metrics show the average acquisition cost for wallets holding more than 10,000 DOGE near $0.115 and the network’s aggregate cost basis around $0.132. Crossing those levels would return more large holders to profit.

Over the past 30 days DOGE rose roughly 18% while the broader crypto market gained about 10%. Santiment’s whale category in this report covers addresses holding at least 100 million DOGE.