Whales Scoop Up $1.08B in Dogecoin in 48 Hours, $DOGE to $1?

Key Insights:

• Whales purchased 1.08B DOGE in 48 hours, driving a 12% weekly price gain.
• DOGE open interest and volume surged, while funding rate hit the highest level in 2025.
• Technical analysts note breakout wedge pattern and third monthly bullish engulfing candle.

According to on-chain data from Santiment, wallets holding between 100 million and 1 billion DOGE added over 1.08 billion tokens within 48 hours. CoinMarketCap data shows that Dogecoin rose by 12% over the past seven days, climbing from around $0.19 to $0.2388 as of writing.

The breakout was also supported by a sharp rise in volume, which surged by 85.41% to $19.69 billion, as reported by Coinglass.

Open interest increased by 25.42% to reach $3.98 billion, while the long/short ratio on Binance stood at 2.59. Additionally, top traders on Binance showed a long bias of 4.35, indicating bullish positioning across the board.

Meanwhile, liquidations favoured long positions, with total liquidations hitting $56.81 million over the past 24 hours. Shorts accounted for $36.74 million of that figure, showing that aggressive short positions were wiped out during the rally.

At the same time, Coinglass data shows that DOGE’s OI-weighted funding rate spiked to 0.0373%, the highest seen in 2025. This level suggests elevated demand to maintain long positions, pointing to rising speculative confidence across the derivatives market.

Technical Patterns and Bullish Momentum Align

Meanwhile, Trader Tardigrade highlighted a descending broadening wedge on Dogecoin’s 2-week chart, marking the end of a five-wave cycle. According to his analysis, such a formation typically leads to a breakout, and DOGE has now exited the wedge with strong bullish momentum.

Moreover, his monthly chart indicated that Dogecoin just printed its third bullish engulfing candle since 2019. Previous occurrences of this pattern led to significant rallies, including the 2021 move that took DOGE above $0.70.

In addition, the MACD crossover on the 2-week timeframe flipped from oversold territory, reinforcing the case for a longer-term trend reversal. This technical signal previously marked major bottoms in the DOGE cycle and now aligns with broader market optimism.

Further reinforcing the bullish case, Ali Martinez shared a chart showing a clean breakout above multi-month resistance. He projected that if DOGE maintains a close above $0.245 by the weekly close, a move toward $0.42–$0.50 may follow.