Are Whales Fueling a Rally?

Whales added 4.72B DOGE in two weeks. With key levels holding and ETF approval pending, Dogecoin could be entering a new bullish phase.

Over the past two weeks, large Dogecoin holders have added 4.72 billion DOGE to their wallets. The move has drawn attention, as the price of the OG meme coin has stayed mostly unchanged during this period.

Market watchers are now observing whether this steady buying could signal the start of a new upward trend.

Large Holders Increase DOGE Positions

Data shows that wallets holding between 100 million and 1 billion DOGE increased their total holdings from approximately 27.6 billion to 32.4 billion tokens. This change suggests increased activity among larger market players, often referred to as “whales.” The figures were posted by analyst Ali Martinez, who tracked the changes across these wallet groups.

4.72 billion Dogecoin $DOGE bought by whales in the last two weeks! pic.twitter.com/9XGweARtBj

— Ali (@ali_charts) November 12, 2025

Despite this accumulation, the price of DOGE has remained mostly flat. At the time of writing, Dogecoin trades at $0.176, with a 24-hour trading volume of $2.01 billion. Over the past seven days, it has risen by about 7%.

Key Levels and RSI Movement Suggest Market Strength

Another chart, shared by Trader Tardigrade, shows DOGE returning to a support zone between $0.16 and $0.17. This level served as a strong base earlier this year and is now being tested again. The price appears to be holding in this area for now.

At the same time, the Relative Strength Index (RSI), a tool used to measure momentum, has broken through a downward trend. This signal previously appeared in June, just before DOGE moved higher. If the current RSI shift leads to stronger price action, traders may see the start of a new upward phase.

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Furthermore, on a broader timescale, charts shared by the same analyst show Dogecoin trading within a rising channel across past market cycles. Each one has included small price breaks above the channel before returning inside and later moving higher. These patterns were seen in both 2017 and 2021.

Currently, DOGE appears to be repeating this structure. It is still within the channel, with short bursts above it. While this suggests it may be in a phase of accumulation, a clear breakout with strong volume would be required for confirmation of any new trend.

Higher Lows Continue to Form as Price Builds Support

According to a chart from Javon Marks, DOGE is continuing to form higher lows. This is a sign that the price is being supported at increasingly higher levels. The chart also shows the coin consolidating below its all-time high of over $0.70.

The post suggests that, “as these Higher Lows (HL) hold for $DOGE,” the asset could move toward a 311% gain to reach its previous high. This setup is based on earlier cycles where similar structures led to large price moves.

In addition to market activity, the Bitwise spot DOGE ETF is now under a 20-day review period, as previously reported. If approved, it would become the first Dogecoin ETF in the US market.