Dogecoin price action looks naked on the surfacebut the portfolios that often matter most are making fascinating moves. Notably, on-chain data shows that gigantic holders of DOGE have returned to accumulation at a time when the meme coin’s price is trading below the most essential technical price zones of the year.

Dogecoin whales are buying weakness

DOSE spent a lot 2026 is under pressure, with rallies repeatedly struggling to turn into rise above $0.10. This has made whale behavior more essential because gigantic holders tend to accumulate during periods when smaller traders are selling, waiting or losing interest.

On-chain data tracked by a crypto analyst Ali Martinez and data from Santiment show that gigantic DOGE holders purchased over 525 million tokens in 96 hours. At the time the accumulation was recorded, Dogecoin’s price action was trading at a close close directly below the 200-day moving average, which is the long-term trendline currently around $0.12. For context, this level was the ceiling for most of 2026.

Interestingly, Ali Martinez’s reported $525 million purchase of DOGE is particularly noteworthy because it occurred in just four days. This shows that gigantic portfolios were actively absorbing supply during the compressed trading window. This type of purchase could reduce the immediate selling pressure on Dogecoin.

Another fascinating thing is that a gigantic wallet affects it doesn’t seem comes from Spot Dogecoin ETFs. Last week, these funds saw inflows of only $860,960, which is a relatively diminutive number compared to the whales’ accumulation. Based on Dogecoin’s current price, the 525 million DOGE purchased by gigantic holders is worth over $52 million.

The DOGE 200-day moving average needs to be broken

Dogecoin’s main technical issue is the 200-day moving average. At the time of writing, Dogecoin is 200 days aged MA is $0.12. Dogecoin is also trading at $0.1025, putting it just 15% below its moving average.

A break in Dogecoin’s price above the 200-day moving average would give bulls their first major technical confirmation in months. This would show that whale accumulation is starting to impact the chart and could also force short-term investors to re-evaluate Dogecoin’s position.

According to a crypto analyst who goes by the name Cryptollica on X, Dogecoin is now facing a challenge some kind of chance only a few appeared times in the last 12 years, showing the lowest levels of the previous cycles in 2015, 2020 and 2022. In each case, DOGE appeared to be inactive for a long time.

As it stands, Dogecoin’s cycle score has fallen back into the recovery zone, a level that has always appeared when there was very little attention given to the meme coin. All that needs to happen now is for Dogecoin to break above the 200 MA and a rally could occur start making sense.

Featured image from Pixabay, chart from Tradingview.com