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
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