Whales scooped up 525 million Dogecoin (DOGE) in 96 hours as the asset hovered near $0.105, raising fresh speculation about a climb to $0.15.
Dogecoin Whale Buying Builds After SpaceX Filing
The token traded at roughly $0.105 on May 22, down a marginal 0.07% over 24 hours, with a chart pattern that some analysts read as a setup for further gains.
On-chain data tracked by Santiment shows large holders bought about half a billion DOGE in four days, lifting their balance to 18.93 billion tokens.
That haul is worth close to $1.99 billion at current prices, and it represents about 0.34% of the coin's 170 billion supply.
The accumulation overlapped with SpaceX filing paperwork for an initial public offering. The company submitted its S-1 to the Securities and Exchange Commission on Wednesday, with trading expected to begin June 12 on the Nasdaq under the ticker SPCX.
The filing estimates a valuation of $1.75 trillion, a figure that would make Elon Musk the world's first trillionaire.
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Why Analysts Tie DOGE Strength to Musk
Spot DOGE exchange-traded funds have pulled in $2.15 million during May, the strongest monthly intake since February, pushing net assets to $14.85 million. Analysts argue that combination of ETF demand and whale buying signals genuine interest rather than retail froth.
The Musk connection remains the central thread. Because the billionaire has long tied his public image to Dogecoin, traders expect the token to react if the June listing draws heavy attention.
Technically, a rounding bottom on the weekly chart points toward $0.15, though a RSI reading of 42 still flags weak momentum. Buyers would need to reclaim the $0.112 resistance to confirm the move, which would mark a 40% advance.
The weighted funding rate offers a more bullish signal, reaching 0.0088% on May 21, its highest level since April 28. That figure shows more traders positioning for upside rather than a slide below $0.10.
Dogecoin has a long record of moving on Musk headlines rather than fundamentals. The token surged past $0.73 in May 2021 around his Saturday Night Live appearance, then spent years range-bound, and its current test near $0.10 fits a familiar pattern of meme-driven swings tied to a single public figure.
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