 
 
Dogecoin (DOGE) holders are picking up more assets amid the bearish market outlook. The cryptocurrency market took a downward trajectory after Bitcoin (BTC) fell below the $ 116,000 mark, signaling major outflows for the first time in several weeks. Despite sharp corrections, several altcoins held their ground for certain periods over the last three days.
Dogecoin’s 50-Day Average Hit 5-Month High
On-chain data shows strong DOGE resilience this week. According to Santiment, the 50-day average of large DOGE transfers with values of $100,000 is at its highest level in five months. This coincides with a period marked by heightened institutional investment in digital assets. Doge on-chain statistics, trading against the market, show a bullish drive towards swift price recovery.
At the time of writing, DOGE trades at $0.2197, a 0.2% gain today, with other assets in the red zone. The asset also experienced a significant transaction spike, with inflows from new holders. Although most were retail, it had a positive effect on the general sentiment, leading to wider accumulations.
Interestingly, DOGE as an asset trades on the back of industry momentum and whale inflows. This is aside from the Elon Musk effect that drove adoption in several quarters. However, the leading meme coin has defied this market trend, taking many to its fundamentals. In August, the total number of whales holding between 1 million to 10 million DOGE tokens grew to 4,288 from 33.
This indicates significant inflows, backed by institutional investors. For Shawn Young, the head analyst at MEXC Research, these inflows indicate that long-term holders are spotting value in Dogecoin at its current price. Notably, the asset saw a renewed surge after President Trump’s inauguration, with favorable crypto policies taking center stage.
 
Analysts tipped a new altcoin season, and meme coins soared in the process. Applications for altcoin ETFs in the United States were another driving factor, and the specific filing for a Dogecoin ETF took the asset to the institutional scene. Spot ETFs can lead to billions in inflows, allowing traditional investors easy access to tokens.
Crypto enthusiast Bullbearl highlighted on X DOGE bull action after whales scooped $20 million worth of assets. “Dogecoin is back in the spotlight, whales are buying up the #memecoin on the decline!
Over the past month,#DOGE has lost 10% in price, but this has not scared off major players. On the contrary, according to Santiment, whales have begun active accumulation.”
Source: https://zycrypto.com/dogecoin-whales-strike-back-with-20-million-doge-buy-as-as-large-transfers-reach-5-month-peak/