A wave of whale transactions and rising holdings suggests something bigger may be unfolding behind DOGE’s latest price surge.
After a period of relative calm, the OG meme coin, Dogecoin (DOGE), has surged even as other top crypto assets have pulled back from gains.
Interestingly, Santiment revealed Dogecoin whale activity has surged to a six-month high.
DOGE Whales Make Their Move
On-chain data recorded 739 transfers of more than $100,000 in a single day. Among 149 wallets holding at least 100 million DOGE each, total holdings have reached an all-time high of 108.52 billion DOGE, which is worth around $11.6 billion.
This uptick in large transactions comes alongside a 14% increase in Dogecoin’s price over the past 10 days, which Santiment believes “is very likely not just a coincidence.” DOGE briefly touched 11 cents before a mild correction to $0.1091 on Friday.
Crypto analyst Ali Martinez recently flagged one of DOGE’s biggest transaction spikes of the year on April 16 after nearly $800 million moved in 24 hours. He noted that sudden jumps in network activity such as this have historically come before periods of volatility, often reflecting large wallets repositioning. The analyst also highlighted the aggressive accumulation by large holders during the ongoing consolidation phase, which suggested supply is being absorbed.
He said this trend typically indicates the formation of a price floor. With DOGE now trading above $0.1018, a level that has blocked five breakout attempts, he sees $0.1172 as the next target.
Several industry experts share a similar bullish outlook for the meme coin.
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Futures Market Heats Up
Dogecoin’s futures market has picked up pace as its open interest reached 15.3 billion tokens, as per data compiled by Coinglass.
Binance dominated DOGE open interest with more than 4 billion, while Gate.io followed at 1.86 billion. Bitget, Bybit, and OKX each hovered near 1.4 billion. Meanwhile, other platforms such as Hyperliquid, MEXC, and KuCoin also held strong positions.
With both price and futures activity climbing, it appears traders are opening new positions rather than just exiting old ones. That usually supports the ongoing upward move in DOGE. At the same time, the build-up of leveraged trades means any change in momentum could trigger quick and sharp pullbacks.
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