Large Dogecoin holders accumulated 4.72 billion tokens over a two-week period ending November 12, increasing their collective holdings to approximately 32.4 billion coins despite the cryptocurrency trading near multi-week lows, according to on-chain data shared by crypto analyst Ali Martinez.
What to Know:
- Addresses holding 100 million to 1 billion Dogecoin added 4.72 billion tokens in roughly two weeks, bringing total holdings in this cohort to 32.4 billion coins
- Dogecoin traded near $0.175 on November 12, down from a mid-September peak around $0.30 and barely above a late-October low near $0.16
- The accumulation occurred while price action deteriorated, creating a divergence between whale behavior and market sentiment
Whale Holdings Surge as Price Stalls
The data, compiled by analytics platform Santiment and covering the period from August 11 through November 12, tracks aggregate holdings of addresses containing 100 million to 1 billion Dogecoin alongside spot price movement.
Addresses in this range hold between $17.5 million and $175 million worth of the token at current valuations.
Holdings in this whale cohort remained relatively stable through most of September, with modest increases in late September and early October that reversed quickly. The sustained accumulation began in late October, when the shaded area representing total holdings climbed steadily from approximately 27.7 billion coins to the current 32.4 billion level. The timing coincided with Dogecoin testing support near $0.16, its lowest point since early October.
Martinez's analysis highlights the concentration of buying activity entirely within this specific address tier. The chart does not extend to exchange wallets, suggesting the accumulation represents non-custodial holders rather than trading venue inventory.
Price Action Contradicts Accumulation Pattern
Dogecoin's spot price followed a different trajectory during the observation window. After reaching approximately $0.30 in mid-September, the token entered a downtrend marked by progressively lower peaks through early October. A sharp decline in mid-October pushed Dogecoin to the $0.16 level in early November.
The subsequent recovery attempt stalled below $0.18, with the token trading at $0.175 on November 12. The modest rebound failed to reclaim the ground lost during October's selloff.
Price remains roughly 42% below the September high despite the significant whale accumulation documented over recent weeks.
This divergence between price weakness and large-holder buying creates an unusual market dynamic. While retail sentiment appears subdued based on price performance, addresses controlling substantial token quantities expanded their positions throughout the downturn.
Technical Structure Remains Bearish
Weekly chart analysis shows Dogecoin trading below a rising trendline that supported price action from October 2023 until breaking down in early November 2025. That former support level now functions as overhead resistance in the upper-$0.18 range.
The current price of approximately $0.1766 sits below the 0.236 Fibonacci retracement at $0.2136 and the 20-week and 50-week exponential moving averages clustered near $0.2111 and $0.2102. The 200-week exponential moving average at $0.1563 and horizontal support near $0.1299 provide downside reference points.
Reclaiming the broken trendline on a weekly closing basis would represent the first step toward invalidating the bearish structure. Additional resistance levels include $0.2654, $0.3073, $0.3492 and $0.4089, corresponding to higher Fibonacci retracement levels.
Closing Thoughts
The accumulation pattern documented by Santiment data establishes that large Dogecoin holders increased their positions substantially while price remained under pressure through late October and early November. Whether this whale buying precedes a reversal or represents attempts to support a declining asset remains uncertain. The technical structure suggests price must reclaim the broken weekly trendline before challenging overhead resistance levels.