Large Dogecoin holders accumulated 550 million tokens in 48 hours as the cryptocurrency rebounded from mid-December lows. The buying pattern marks the first significant whale accumulation after weeks of distribution that began in mid-October.
What Happened: Whale Wallets Resume Buying
Wallet addresses holding between 1 million and 100 million DOGE tokens increased their collective holdings from 27.79 billion on Dec. 3 to 28.34 billion as of Dec. 6, Santiment data shows. The accumulation began after Dogecoin dropped to the mid-$0.13 range on Dec. 3 and coincided with a price rebound that pushed the token to an intraday high of $0.1504 in the past 24 hours.
These mid-size and large holders had been reducing their positions since mid-October, a distribution trend that aligned with a decline in large transactions to a two-month low.
The reversal suggests these wallets view current price levels as favorable entry points. The buying activity reduces circulating supply available to retail traders, which can support price stability or create upward pressure.
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Why It Matters: Testing Critical Support Levels
The accumulation reflects renewed confidence among large holders despite lackluster price performance that has offered little momentum for bullish traders. Broad buying by this whale tier often precedes consolidation phases or upward moves, particularly when retail sentiment remains weak and selling pressure diminishes.
Technical analysis indicates $0.138 represents a critical support level for confirming whether a firm bottom has formed.
Sustained trading above that zone in coming weeks would strengthen the case that the downturn has ended. Crypto analyst Bitcoinsensus outlined a possible cycle peak in the $0.70 to $0.75 range, aligning with other technical projections for the meme coin.
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