The leading meme coin was not spared during last week’s broad market downturn, and its modest recovery since then has done little to inspire confidence.
That decline, however, created an opportunity for large holders to add to their positions at lower prices. On-chain analysis shared by the well-known analyst Ali Martinez—using Santiment data—shows that whales accumulated more than 200 million Dogecoin tokens in the past week alone.
The following chart accompanying the analysis indicates that whale holdings continued to rise over recent days, reaching approximately 18.84 billion DOGE.
Over the past week alone, whales have accumulated more than 200 million Dogecoin $DOGE. https://t.co/PZF6Vdi85j pic.twitter.com/FW7XZig7YG
— Ali Charts (@alicharts) June 10, 2026
As noted above, DOGE experienced a sharp sell-off last week, particularly on Friday, when it fell below $0.08 for the first time since February 2025. Although the token recovered slightly to around $0.084 at the time of reporting, it remains deeply depressed—roughly 89% below its May 2021 all-time high.
Martinez also cautioned that Dogecoin could face a deeper decline if certain technical and on-chain indicators align unfavorably. He observed that DOGE’s price action has historically moved within multi-year consolidation channels—extended ranges that compress volatility and redistribute supply before larger directional moves take place.
Referencing several on-chain metrics, Martinez suggested that if the $0.081 support level fails, DOGE might fall toward $0.058.
At the same time, data from SoSoValue reveals limited interest from ETF investors in the largest meme coin. Since May 19, only one day has shown reportable inflows into funds tracking DOGE; the remaining days recorded no material ETF activity.
Overall, the three funds that track Dogecoin have collected a modest $12.44 million in net inflows since their launch in late November 2025—an amount that highlights the current lack of strong institutional demand.
In summary, while whales have used the recent price weakness to accumulate DOGE, broader market sentiment and ETF engagement remain muted. Traders and investors will likely watch key support levels and on-chain signals closely to gauge whether the coin enters a sustained recovery or faces further downside pressure.