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The Dogecoin network has seen a sharp rise in on-chain activity among large holders, with whale wallets holding at least 100 million DOGE reaching levels not seen in months. Analytics from Santiment, analyzed by Finbold on May 1, show that whale activity has climbed to a six-month high.
Earlier this week, the Dogecoin network recorded 739 DOGE transfers totaling at least $100,000 in a single day, the highest figure in six months. At the same time, Dogecoin wallets holding at least 100 million DOGE increased their holdings to an all-time high of 108.52 billion units, valued at about $11.8 billion at the time of publication.
In addition, 149 Dogecoin wallets with balances exceeding 100 million DOGE control 70.45% of the memecoin’s total circulating supply as of press time. Santiment data also indicates that demand from these large cohorts has gradually increased over the past three months.
Alongside on-chain accumulation, U.S. spot DOGE exchange-traded funds (ETFs) have shown steady growth over the past three months. The ETFs currently hold assets valued at around $12.84 million, based on data from SoSoValue.
Dogecoin’s price has rebounded alongside renewed whale demand. The altcoin surged 16.48% over the last 30 days, trading at about $0.1087 on Friday. As a result, Dogecoin’s market capitalization rose to about $16.9 billion.
If Dogecoin whales continue accumulating in the near term, the memecoin could establish a stronger base for a multi-month bear market. Conversely, if large investors begin distributing their holdings, DOGE’s price could face continued downward pressure.
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