1.4 Billion Dogecoin bought by whales in 48 hours as DOGE spikes

Dogecoin (DOGE) is currently in the midst of a significant spike in volume combined with very rapid price action to the upside.

The meme coin, which is up 27.55% year-to-date (YTD) at press time, has seen a 4.30% upswing over the last 24 hours, bolstering weekly gains to a total of 8.89%. At the time of publication,  it is trading at a price of $0.1148.

That, in and of itself isn’t necessarily unusual — however, there is something peculiar to be seen when taking a closer look at those volume spikes.

DOGE whales accumulate 1.40 billion coins

Cryptocurrency analyst Ali Martinez shared a post on X on September 26 showing that Dogecoin whales — traders who hold more than 100,000 DOGE, have placed a large number of trades worth in excess of $1 million USD each. In total, approximately 1.40 billion DOGE has been purchased, worth approximately $140 million — in the span of just 48 hours.

Apart from clearly signaling interest from high net-worth traders, it should be noted that large accumulation like this usually precedes a breakout — with whales aiming to create upward price pressure by constraining supply. 

In tandem with this, such activity tends to create new, long-term support levels which will make pushing prices down difficult for bearish traders.

This isn’t the first bullish signal that’s occurred with Dogecoin in the short-term — popular crypto trading expert ‘TradingShot’ recently suggested that the coin was entering the end of a consolidation phase and would soon be entering a parabolic rally. 

Should this analysis come to fruition, DOGE could reach as high as $2, for a 1,649.01% gain compared to current prices — with that being said, if previous trends hold true, this would only occur in August 2025.

In the shorter term, Martinez has previously suggested that sustained close prices above $0.10 would provide a strong catalyst for a bullish run toward $0.15 for a more modest, yet still impressive 31% upswing.

However, it’s important to note that this is far from a done deal. Just a few months ago, in June, we witnessed a similar occurrence, where whales purchased 1 billion DOGE in a week’s time — just for overall whale holdings to decrease and bolster a downswing two weeks later.

Caution is warranted as whales accumulating large amounts of an asset correlates with increased volatility — nonetheless, should key resistance lines keep being broken, and if Dogecoin consistently closes above some of the aforementioned prices, a new bull run might be in the making.