Dogecoin (DOGE) Whales Go Crazy: Further Price Rally Incoming?

TL;DR

• Over the past week, whales spent more than $480 million to amass a significant amount of DOGE tokens.
• Analysts like Altcoin Sherpa and KALEO foresee a strong rally, with targets including a new ATH and even $6.94; DOGE’s RSI has cooled from overbought levels (80) to 54, potentially setting the stage for further gains.

They Know Something We Don’t?

The popular X user Ali Martinez revealed that big Dogecoin investors, specifically those holding between 100 million and one billion coins, purchased two billion DOGE in the past seven days alone.

The USD equivalent of the scooped-up amount is almost $500 million, while those whales increased their total possessions to 27.6 billion tokens, or roughly 18.3% of the meme coin’s circulating supply. 

DOGE has performed quite well in the past week, with its price surging by 17% to the current $0.24. The massive accumulation from the large investors caused some to speculate that they might have inside information about an important development that could trigger additional gains.

“2B DOGE in 7 days? Either they know something we don’t… or we’re about to find out the hard way,“ one X user commenting on the post said.

The potential approval of the first spot DOGE ETF in the USA is expected to have a positive impact on the price, and one can hypothesize that this is what the whales are waiting for. According to Polymarket, the odds for a green light before the end of 2025 stand at 61% which, in fact, marks a serious decline from the 79% witnessed on August 10.

The Next Targets

The crypto community seems quite optimistic about the OG meme coin, envisioning an impressive rally in the short term. X user Altcoin Sherpa believes “the environment is finally pretty good for it to have a run soon.“

The analyst predicted that DOGE would surge to a new all-time high once bitcoin (BTC) does so. It is important to note that a few hours ago, the biggest cryptocurrency soared to a fresh record of over $124,000, so it will be interesting to see whether the OG meme coin will follow its steps. 

KALEO is also very bullish, arguing the DOGE/BTC chart looks like “it’s ready to make the same type of move” witnessed in January of 2021. The analyst thinks it’s only a matter of time before companies start buying billions of dollars of the meme coin, setting $6.9420 as a target. 

Meanwhile, DOGE’s RSI (Relative Strength Index) is now longer in bearish territory, slipping from over 80 on August 9 to the current 54. Typically, readings beyond 70 suggest the asset is overbought and could be headed for a pullback, while anything below 30 can be interpreted as a bullish signal.