• Dogecoin (DOGE) has seen significant whale accumulation, with over 80 million DOGE acquired in just 24 hours, signaling renewed interest from major holders.

  • DOGE rebounded strongly from a critical demand zone, forming a bullish higher-low structure, with immediate resistance at $0.20139.

  • Funding rates on derivatives markets reflect cautious optimism, with traders maintaining balanced positions to avoid overleveraging.

  • On-chain activity, including daily active addresses and transactions, shows signs of revival, hinting at growing user engagement.

  • The Stock-to-Flow (S2F) ratio for DOGE has spiked, indicating perceived scarcity and potential long-term upward pressure on valuations.

  • A combination of whale activity, technical strength, and improving network metrics suggests a potential breakout toward the $0.20–$0.24 range.

Whale Accumulation and Bullish Momentum

Dogecoin has entered a phase of heightened accumulation, with whales acquiring over 80 million DOGE in a single day. This aggressive buying spree by large holders coincides with a broader wave of bullish sentiment, as the memecoin rebounds from its recent lows. At the time of writing, DOGE was trading at $0.1638, reflecting a 4.07% increase in the last 24 hours. This recovery comes amid market-wide volatility, suggesting that deep-pocketed investors are positioning themselves early for a potential breakout.

The accumulation phase has been particularly notable as it aligns with a clear higher-low structure on the charts. This technical pattern, supported by whale activity, indicates that DOGE is building a strong foundation for upward momentum. The critical demand zone between $0.14109 and $0.15200 has acted as a launchpad for this recovery, with bulls now eyeing the $0.20139 resistance level. If this level is breached, the next target could be $0.24388, a key level that aligns with historical mid-cycle peaks.

Technical Analysis: Can Bulls Maintain Control?

Dogecoin’s price action has been defined by its ability to reclaim and hold key demand zones. After bottoming out within the $0.14109–$0.15200 range, DOGE has shown resilience, forming a bullish structure that suggests further upside potential. The immediate challenge lies at $0.20139, a level that has historically acted as a reversal point during previous rallies. Breaking this resistance could open the door to a move toward $0.24388, a level that aligns with late 2024’s mid-cycle peak.

However, sustaining momentum above $0.18 is crucial for bulls to maintain control. Any weakness at this level could trigger a retest of the demand zone, potentially undermining the bullish narrative. The higher-low structure on the charts, combined with whale accumulation, provides a strong technical backdrop, but sustained buying pressure will be needed to push through key resistance levels.

Derivatives Market: Funding Rates and Trader Sentiment

In the derivatives market, Dogecoin’s funding rates provide valuable insights into trader sentiment. As of now, funding rates across major exchanges, including Binance, stand at 0.009161%. This slightly positive rate indicates that long traders are paying a premium to maintain their positions, reflecting a mild but steady bullish conviction.

Interestingly, the absence of elevated funding rates suggests that traders are not overleveraging their positions. This balanced approach reduces the risk of sudden corrections, creating a more stable environment for gradual upward movement. The cautious optimism in the derivatives market aligns with the broader narrative of a potential breakout, as traders position themselves for sustained gains without exposing themselves to excessive risk.

On-Chain Activity: Signs of Revival

Dogecoin’s on-chain metrics are also showing signs of life, further supporting the case for a bullish breakout. At present, the network is registering 68,324 daily active addresses and 40,514 transactions. While these figures are below the explosive highs seen in late 2024, they represent a gradual re-engagement by users. This uptick in activity often precedes speculative interest and new capital inflows, both of which are essential for sustained price action.

The revival in on-chain activity suggests that Dogecoin is regaining its appeal among retail and institutional investors alike. As more users engage with the network, the likelihood of increased buying pressure grows, creating a positive feedback loop that could propel DOGE toward its next resistance level. If this trend continues, it could serve as the catalyst for a breakout above $0.20.

Stock-to-Flow Ratio: Perceived Scarcity and Long-Term Potential

Another key metric supporting Dogecoin’s bullish outlook is its Stock-to-Flow (S2F) ratio, which has spiked to 128.94, the highest reading in months. This sharp increase indicates that market participants are beginning to view DOGE as a scarce asset, a perception that could add upward pressure to its long-term valuation.

However, it’s important to interpret this metric within the broader context of market dynamics. While a high S2F ratio suggests growing confidence in DOGE’s scarcity, it should not be viewed in isolation. Other factors, such as on-chain activity, whale accumulation, and technical strength, must also align to create a sustainable bullish trend. Nevertheless, the spike in the S2F ratio adds another layer of support to the narrative of a potential breakout.

Conclusion: A Breakout on the Horizon?

Dogecoin’s recent price action, combined with strong on-chain metrics and whale accumulation, paints a compelling picture of a market poised for a breakout. The memecoin has rebounded strongly from its critical demand zone, forming a bullish higher-low structure that suggests further upside potential. Favorable funding rates and a revival in network activity add to the growing sense of optimism, while the spike in the Stock-to-Flow ratio underscores DOGE’s perceived scarcity.

While short-term volatility remains a factor, the convergence of these metrics creates a strong foundation for a move toward the $0.20–$0.24 range. If bulls can maintain pressure and retail interest continues to grow, Dogecoin could be on the verge of reclaiming a stronger bullish trend. For now, all eyes are on the $0.20139 resistance level, as breaking this barrier could signal the start of a new chapter for DOGE.

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