Dogecoin Whales Accumulating 150 Million Despite Price Drop: What Do They Know?

Despite Dogecoin's DOGE/USD lackluster performance, whale investors are aggressively accumulating DOGE ahead of Friday’s crypto summit.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.2010	$29.8 billion	-0.5%	-3.7%
Shiba Inu SHIB/USD	$0.00001317	$7.8 billion	+0.3%	-9.4%
PEPE PEPE/USD	$0.056803	$2.9 billion	-2.7%	-18.8%

Trader Notes: In an X post on Thursday, Crypto chart analyst Ali Martinez highlighted that DOGE is trading within an ascending parallel channel. If the $0.16 support level holds, a rally toward the mid-channel at $2.74 or even the upper boundary at $6.24 remains possible.

#Dogecoin $DOGE remains within an ascending parallel channel. As long as the lower boundary at $0.16 holds, a rebound toward the mid-channel at $2.74 or even the upper boundary at $6.24 remains a probability! pic.twitter.com/L0p9ePH5ZV

— Ali (@ali_charts) March 5, 2025

In another tweet, Martinez warned that if DOGE fails to hold this level, it could crash significantly.

DOGE has tended to rebound from this channel since 2014 towards the upward resistance trend line.

A break below $0.19 could trigger a sharp correction toward $0.015.

Statistics: Martinez cited Santiment data to show whales purchased 150 million DOGE in the last 72 hours.

Coinglass data shows Dogecoin liquidations in the past 24 hours stood at $6.5 million, while open interest increased 2.4% to $1.8 billion. DOGE Derivatives trading volume expanded 12.9% to $3.08 billion.

What's Next: With rising whale activity, increasing open interest, and the upcoming White House event, DOGE could be setting up for a major move—but whether that's a breakout or breakdown depends on key support levels.

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