Dogecoin’s biggest holders are stirring just as a popular chart analyst spots a bullish monthly reversal — a convergence that traders watching both on-chain flows and technicals say is notable.
On-chain intelligence firm Santiment flagged a six-month high in whale activity: 739 transfers of at least $100,000 each moved in a single 24‑hour period. At the same time, the largest DOGE wallets continued to add to their stakes. Santiment noted that 149 wallets holding at least 100 million DOGE now collectively control an all-time high of 108.52 billion DOGE (about $11.6 billion), and pointed out that the memecoin’s roughly 14% price gain over the past 10 days is “very likely not just a coincidence.”
Those accumulation signals line up with a technical pattern highlighted by analyst Cantonese Cat on DOGE’s monthly chart. The analyst says April completed what he considers the third clear “monthly bullish morning star” for Dogecoin — a three‑candle reversal pattern that, in this case, shows:
- February as a long red (down) candle,
- March as a smaller indecision/compression candle, and
- April as a strong green candle closing above the midpoint of the February decline.
Because crypto markets trade continuously and traditional equity gaps are less common, analysts often read morning stars by their structure: a sharp monthly drop, a pause or squeeze, followed by a decisive recovery candle that shifts momentum back to buyers.
Cantonese Cat points to two previous comparable monthly formations: one from September–November 2017 that preceded Dogecoin’s major 2017–2018 cycle peak, and another from September–November 2020 before DOGE’s historic 2021 breakout. He also referenced Bitcoin’s monthly morning star history — a pattern that, by his count, marked 3 out of 4 past cycle bottoms, identified two important local bottoms, and produced two false signals (a stated 71.4% success rate for BTC). That comparison is offered as context, not a guarantee that DOGE will follow the same path.
At the time of reporting, DOGE was trading around $0.10897. While rising whale accumulation and a bullish monthly structure are meaningful signals, they do not ensure a repeat of past rallies — but they have certainly put the memecoin back on many traders’ radars.
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