DOGE Whale Accumulation Indicates Possible Change in Trend as Bearish Momentum Weakens
February 9, 2026
From its recent dive, with prices plummeting to around $0.092 and a subsequent 11% drop, Dogecoin (DOGE) is now showing signs of stability in the market. Despite this bearish trend, on-chain data reveals that large investors have taken advantage of the dip to accumulate DOGE tokens at discounted rates. This shift in behavior, coupled with decreasing selling pressure, hints at a potential change in direction for the popular meme cryptocurrency.
The accumulation of DOGE tokens by whales, or large-volume investors, is a significant indicator of market sentiment. According to Santiment’s Supply Distribution data, wallets holding between 10 million and 100 million tokens, as well as those holding 100,000 to 1 million tokens, have collectively increased their DOGE holdings by 250 million coins since last Thursday. This kind of accumulation usually signifies that these well-capitalized entities view DOGE as undervalued at its current prices.
On the flip side, holders with 1 million to 10 million tokens have sold off approximately 110 million coins during the same timeframe. Despite this, the overall activity leans towards a more bullish outlook. Similarly, data from CryptoQuant shows buy dominance in both the spot and futures markets, indicating that institutional and high-net-worth investors are gearing up for a potential recovery.
In terms of technical analysis, DOGE seems to be aligning with the positive sentiment seen on-chain. Following a bottom near $0.080, just above the critical weekly support of $0.078, DOGE has bounced back to retest a previously broken trendline. Momentum indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are hinting at diminishing bearish pressure, suggesting a possible relief rally or period of consolidation.
For traders looking for a breakout, a decisive daily close above the current trendline resistance is crucial. Reclaiming the $0.10 level is seen as a key milestone, with the next major target likely being the liquidity cluster around $0.110. However, investors should remain cautious of a potential “dead-cat bounce” scenario, where prices briefly recover before heading south again. The RSI breaking above the neutral 50 level is a key confirmation for a genuine trend reversal.
If DOGE fails to break through current resistance levels, a revisit to the recent low of $0.080 could be on the cards, followed by a potential drop to $0.078. Market sentiment remains delicate, especially with reports of recent altcoin crashes and signs of investors exploring alternatives to hedge against Dogecoin’s stagnation.
In the midst of these developments, Maxi Doge ($MAXI) emerges as a potential alternative for those closely watching the DOGE market.
