Whale Wallets Accumulate Dogecoin Despite Retail Hesitance

• Whale wallets now hold over 122.59 billion DOGE, making up 81% of the total supply, while retail investors remain on the sidelines.
• Dogecoin has dropped for three consecutive days, struggling to stay above $0.2867 and testing key support near $0.2590.

Leading memecoin Dogecoin slipped on Wednesday, even as whale wallets continued to accumulate more DOGE. The popular memecoin is facing renewed selling pressure and is struggling to maintain the momentum from last week’s 37% surge.

Whales Accumulate as Retail Investors Stay Cautious

Despite the price decline, large investors are still buying in. Data from Santiment shows that addresses holding more than 10 million DOGE now control 122.59 billion coins, accounting for 81% of the total supply. Last Friday, reports indicate that they reached a record of 122.69 billion.

In contrast, smaller holders have remained stagnant, with wallets holding less than 10,000 DOGE flat around 2.37 billion tokens—down from 2.47 billion earlier this month—indicating retail investors’ hesitation after cashing out.

The divide between whale accumulation and retail hesitance points to a growing sentiment gap. While major investors continue to bet on Dogecoin’s upside, the broader market is uncertain. The strong grip of whales on DOGE’s circulating supply means they play a significant role in future price movements.

Despite recent setbacks, Dogecoin has gained over 10% this month, with some analysts predicting it could rise to $1.16, a 559% increase from current levels. This potential upside may be sustaining whale interest.

DOGE Pulls Back from Resistance as Momentum Slows

This week, Dogecoin’s price action has turned bearish again. On Wednesday, it traded lower for the third consecutive day, shedding over 4% intraday. The rejection at $0.2867, a key resistance from Monday, marks a shift in market direction.

DOGE is now down 5.49% in 24 hours, testing the $0.2590 support zone, which aligns with the May 11 high at $0.2597. A break below this level may lead to a deeper decline, potentially toward support near $0.2145, last seen on July 15.

Technical indicators are showing a cooling trend. The MACD on the daily chart is flattening, green histogram bars are fading, and the RSI has decreased to 82, indicating it is still overbought but weakening.

However, not all signs are negative. The 50-day Exponential Moving Average (EMA) has crossed above the 100-day EMA, indicating short-term strength. Additionally, the 50-day EMA is approaching the 200-day EMA, suggesting a possible Golden Cross formation—a pattern often associated with long-term upward trends.

Meanwhile, CNF reported that Bitwise Asset Management has filed amended S-1 forms with U.S. regulators to propose spot exchange-traded funds (ETFs) for Dogecoin and Aptos. While these filings are under review, they highlight increasing institutional interest in DOGE.