Although decentralization is one of the key tenets of cryptocurrency, on a practical level, centralization occurs quite frequently — most often by means of large accounts accumulating a large share of an asset’s supply. Dogecoin ( DOGE ), the original meme coin is no exception — per data retrieved by Finbold from BitInfoCharts , 37.08% of the total supply is controlled by just five addresses — the largest of which has accumulated 19.56% by itself. Five of the largest Dogecoin whales. Source: BitInfoCharts However, abstract debates centered on whether crypto is fulfilling its stated purposes are not what investors are interested in — it’s the fact that the actions taken by crypto whales can offer another layer of insight into market dynamics. Dogecoin saw a 331.16% return in 2024 — on the other hand, after a $0.4665 high on December 8, the price of DOGE plummeted by 32.22% to $0.31616 by December 31. The coin has since recovered to $0.36256 by press time. DOGE price 1-year and year-to-date (YTD) charts. Source: Finbold Since the beginning of 2025, DOGE whales have picked up the pace of their accumulation — and the humorous digital asset appears to be recovering, as prices have increased by 10.65% since the beginning of the year. DOGE whales load up — will the recent high be reclaimed? From January 1 to January 2, Dogecoin whales bought more than 1.08 billion DOGE, per renowned X cryptocurrency analyst Ali Martinez — bringing whale accumulation back to levels seen following the December 20 low. In the weeks that followed that low, whales significantly slowed their acquisitions — this recent renewal presents a strong bullish signal. DOGE whale accumulation chart. Source: Ali Martinez on X While many commentators were quick to panic following longtime Dogecoin supporter Elon Musk ’s endorsement of Kekius Maximus ( KEKIUS ) on January 1, it has become clear that DOGE’s staying power is no longer questionable — and that the popularity it enjoys has become organic, rather than driven by endorsements. Technical analysts have also outlined bullish cases for DOGE — the meme coin recently broke out of a downward triangle chart pattern, and could meet resistance at $0.42 . Trader Tardigrade , the analyst who first spotted the pattern, set a long-term price target of $3.20 for Dogecoin — while crypto researcher TradingShot cited the cryptocurrency’s performance in December and January during previous market cycles when setting his $1.50 price target for Q1 2025 . Featured image via Shutterstock The post Dogecoin whales buy 1 billion DOGE in 24 hours appeared first on Finbold .
