After a period of relative calm, the original meme coin Dogecoin (DOGE) has rallied even as many top cryptocurrencies retreat from recent gains.
On-chain analytics firm Santiment reports that whale activity for Dogecoin has climbed to a six-month high.
DOGE Whales Make Their Move
On-chain data recorded 739 transfers exceeding $100,000 in a single day. Among 149 wallets holding at least 100 million DOGE each, aggregate holdings have reached a record 108.52 billion DOGE, roughly equivalent to $11.6 billion.
This surge in large transactions coincides with a roughly 14% rise in Dogecoin’s price over the past ten days, a correlation Santiment says is “very likely not just a coincidence.” DOGE briefly hit $0.11 before pulling back slightly to $0.1091 on Friday.
Crypto analyst Ali Martinez highlighted one of the largest spikes in DOGE transactions this year on April 16, when nearly $800 million moved within 24 hours. He observed that sudden increases in network activity like that often precede volatile periods, reflecting large holders repositioning their holdings. Martinez also noted significant accumulation by major wallets during the consolidation phase, suggesting that available supply is being absorbed.
He added that this behavior typically signals the development of a price floor. With DOGE trading above $0.1018—a level that had halted five previous breakout attempts—Martinez identified $0.1172 as the next upside target.
Several industry analysts also maintain a bullish stance on the meme coin, pointing to similar on-chain and market indicators.
Futures Market Heats Up
Dogecoin’s futures markets have gained momentum, with open interest climbing to 15.3 billion tokens, according to Coinglass data.
Binance leads DOGE open interest with more than 4 billion tokens, followed by Gate.io at about 1.86 billion. Bitget, Bybit, and OKX each hold roughly 1.4 billion. Other exchanges such as Hyperliquid, MEXC, and KuCoin also show notable positions.
The simultaneous rise in price and futures activity suggests traders are initiating new positions rather than merely closing existing ones, a dynamic that can reinforce an uptrend. However, the growing volume of leveraged trades also increases the risk that any shift in momentum could prompt rapid, pronounced pullbacks.