In recent weeks, the sizzling whale deals in Dogecoin ($DOGE) have cooled down significantly, and now even the opulent operators in this meme-inspired cryptocurrency seem to be moving in the direction of a truly sustainable shift. Don’t get me wrong; the once high-octane whale transactions for Dogecoin have cooled down dramatically, leading us at Dogecoin to #DogeArmy HQ to be more concerned than usual. And smart crypto experts have our backs. They think that all this is happening because Dogecoin now has an actual use case, and even its most dedicated big-timers are beginning to treat it like the kind of asset you’d hold instead of trading it vigorously in the excitement bubble. Dogecoin whale transactions have dried up in a hurry, with less than a third of the amount of $100K+ transfers happening weekly now compared to the meme coin's Trump pump run-up in early November. Look for another whale spike as a signal they are likely accumulating again. pic.twitter.com/bqn4lBaXXD — Santiment (@santimentfeed) February 7, 2025 What is noteworthy is that, even though high-value transactions have slowed down, whales have been quietly accumulating even more $DOGE. Just in the last 24 hours alone, they’ve added another 100 million Dogecoins to their haul, a move that is drawing heightened attention within the crypto community. This uptick in accumulation suggests that the large holders of the meme coin might be positioning themselves for some sort of price rally in the future. Or, to put it another way, it looks like they’re more confident than not that Dogecoin’s current price is a bargain. Whale Behavior Shifts: What It Means for Dogecoin For retail traders and meme enthusiasts, Dogecoin has long been a favorite. But for much of the past year, its price movements have been increasingly determined by “whales”–large holders of the coin that can dramatically shift its price up or down simply by buying or selling in large amounts. On several occasions, when Dogecoin has sharply rallied or sold off, whale activity has been the most obvious catalyst. Still, recent action (or inaction) from these large holders suggests that they don’t plan to use their Dogecoins to move the market anytime soon. When we look at the current amount of whale activity in the marketplace and compare it to the time just before the “Trump pump” in early November, we can see that the number of transactions over $100,000 has dropped off significantly. We should note that the time leading up to the Trump pump was not a time when we were seeing lots of big transactions going on. Instead, we were very much in a zone of “low demand, low supply, and low price” in the market. It is important to note that during this time leading up to the pump, we were not in some magical period of pump and dump where whales were just tanking the market and making profits off of it because they were still buying when they should have been selling. It is interesting that although large transactions happen less frequently these days, the accumulation of Dogecoin by whales has not slowed down at all. In fact, they seem to be picking up their gathering of the cryptocurrency, hitting the high mark of 100 million Dogecoins amassed in just 24 hours. This signals quiet confidence by the whale class in Dogecoin as a future price mover. This accumulation, though, might not stir the price pot any time soon, as market sentiment is relatively “meh” at the moment and isn’t likely to improve much until the broader crypto market turns back upward. Whales have accumulated another 100 million #Dogecoin $DOGE in the last 24 hours, signaling growing confidence and demand! pic.twitter.com/HKuseWubtN — Ali (@ali_charts) February 7, 2025 The Psychology of Whales: What Are They Waiting For? Whales are seen as a broad market sentiment indicator. When they buy up an asset, it’s almost taken for granted that they think it’s going to go up in price. When you consider that the recent mass accumulation of $DOGE by these large entities also got us to 100 million of the asset, the picture suddenly becomes much clearer: These entities have a growing confidence in $DOGE. This strategy shift could suggest that whales see the present market as a chance to stock up at lower prices. They’ve used downturns and slumps in volatility as cover to build positions without drawing attention or driving prices up, much less down. If they’re doing this with Dogecoin, it could set up the meme token for a ripple effect if/when whales decide to unload or let price discovery take its course from the way they have Doge undervalued. Another option is that whales could be biding their time, waiting for a fresh external impetus to reward them with the next major price surge. This adds up to an augmented reality—and one long familiar to Dogecoin holders—where price moves tend to be initiated by social media trends, celebrity endorsements, or broad market rallies. Yet for all the apparent nonsense in Dogecoin price moves, he-man traders and retail investors should not discount the work being undertaken by the virtual Ethereum whales. Instead, they should gear up for genuinely buying Dogecoin once it heads for the moon and with actual real-world working virtual Ethereum to make that happen. Looking Ahead: What’s Next for Dogecoin? The decline in large crypto transactions may be momentary, with many thinkers postulating that a renewed surge in whale activity could be the signal for a full-fledged price rally in Dogecoin. Historically, we’ve seen that when whales increase their activity, the Dogecoin market tends to follow—though not always right away. Could the current accumulation trend among large holders be a precursor to a price change in Dogecoin? If it is, can we expect that price change anytime soon? With a devoted fan base, Dogecoin is gaining attention as a meme coin. Whales, or large stakeholders, are apparently playing a large role in the price swings that are making the coin more popular. The recent episode in which a single party accumulated 100 million coins suggests that we might be looking at another lead-up to a Dogecoin price bump. Because the crypto asset market is so fickle, it’s hard to say when the next bump will come. But there’s a good chance that whatever happens will happen at the behest of these strategic whale players. To sum up, although mixed-bag whale dealings for Dogecoin have dropped since the very exciting days of late November, just the accumulation of really large amounts of $DOGE in the past 24 hours by really large holders signals something. And what that could be signaling is that these large holders have growing confidence in the future of Dogecoin—possibly in the near future—which raises the likelihood that we may see some sizable operational whale activity over the next days and weeks and that we may see a sizable price move in $DOGE at some point in the not-too-distant future. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: thvideo/ 123RF // Image Effects by Colorcinch
