Dogecoin’s biggest holders are showing renewed activity just as technical charts flash a potentially bullish signal, creating a rare convergence between on-chain behavior and price action.
On-chain analytics firm Santiment reported that Dogecoin whales recorded their busiest day in six months, logging 739 transfers of at least $100,000 within a single 24-hour period. At the same time, Santiment says the 149 wallets that each hold 100 million DOGE or more now collectively sit on an all-time high of 108.52 billion DOGE — roughly $11.6 billion — as the memecoin climbs off recent lows. DOGE has gained about 14% over the past 10 days, a move Santiment suggests is unlikely to be mere coincidence given the spike in whale activity and balances.
Technical charts add fuel to the narrative. Popular analyst Cantonese Cat points to what he calls the “third clear monthly bullish morning star pattern” for DOGE. A morning star is a three-candle reversal setup: a long red month (February), a smaller indecision candle (March), and then a strong green month (April) that closes above the midpoint of the initial decline — a sequence many traders read as a shift from sellers to buyers. In crypto markets, where trading runs 24/7 and equity-like gaps are uncommon, analysts often emphasize this structural sequence: sharp decline, compression/indecision, then a decisive recovery candle.
Cantonese Cat highlights two prior monthly formations with similar structure: September–November 2017 (after a massive 2,000% rally and ahead of the 2017–2018 peak) and September–November 2020 (just before Dogecoin’s historic run in 2021). He also draws a parallel to Bitcoin, noting that a bullish monthly morning star on BTC “marked 3 out of 4 past cycle bottoms,” identified two key local bottoms, and produced two false signals — a 71.4% historical success rate on Bitcoin’s monthly charts. That comparison doesn’t guarantee the same outcome for DOGE, but it frames the pattern as a historically meaningful formation and suggests Bitcoin’s action could be a leading indicator.
At press time, DOGE traded around $0.10897. While rising whale accumulation plus a bullish monthly pattern is compelling, traders should remember that past patterns and on-chain signals are not guarantees.
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