Large Dogecoin holders, often called ‘whales,’ are starting to move their coins, and a well-known analyst believes this coincides with a positive technical signal – a ‘morning star’ pattern – for the third time this month. This activity is notable because it’s happening alongside increasing whale balances, suggesting these large holders are not only trading but also accumulating more DOGE as the price recovers from recent dips.
According to Santiment, Dogecoin’s biggest holders were very active yesterday, making 739 transactions of $100,000 or more – the most activity seen in six months. These large wallets also appear to be continuing to buy and hold more DOGE.
Recent activity from large Dogecoin holders (known as ‘whales’) is spiking. Data shows a surge in transactions over $100,000, with 739 of these transfers happening in a single day – the highest level in six months. These whales, who collectively hold a record 108.52 billion Dogecoin (currently valued at $11.6 billion), are likely contributing to the 14% price increase Dogecoin has experienced over the last ten days.
Dogecoin Monthly Chart Signals Possible Reversal
This on-chain activity aligns with an analysis of Dogecoin’s monthly chart by Cantonese Cat, who identified a third consecutive bullish ‘morning star’ pattern, suggesting a positive trend for DOGE.
A morning star is a pattern that signals a potential reversal in a downward trend, shown by three candles. In the DOGE chart, this pattern formed with a red candle in February, followed by a smaller candle in March indicating uncertainty, and then a green candle in April that closed above the middle of the initial red candle.
Because crypto markets trade 24/7 and don’t have clear opening gaps like the stock market, analysts often look at price patterns instead. They commonly focus on a steep drop in price one month, followed by a period of uncertainty, and then a strong bounce that shows buyers are back in control.
A chart by Cantonese Cat shows two past patterns in Dogecoin’s price movements that could signal future activity. The first occurred between September and November 2017, following a large 2,000% price increase and right before Dogecoin’s price surged to its highest point in 2017-2018. The second similar pattern happened from September to November 2020, just before the significant price increase Dogecoin experienced in 2021.
The analyst also pointed to Bitcoin‘s historical performance to support his analysis. He noted that a specific pattern – a ‘bullish monthly morning star’ – had correctly identified the bottom of Bitcoin price cycles in the past, accurately predicting three out of four major lows and two smaller, but significant, turning points. While it also gave two incorrect signals, the analyst calculated its success rate for Bitcoin to be approximately 71.4%.
While this comparison doesn’t mean DOGE will definitely follow the same path, it suggests a recurring pattern he’s observed in other major cryptocurrencies. Bitcoin, as usual, might give us a clue about what’s to come.
At press time, DOGE traded at $0.10897.
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2026-05-02 00:58