Dogecoin has posted a 10% price drop in the past month but on-chain metrics show large holders are accumulating during this time.
Data from Santiment reveals that the 50-day average of Dogecoin transfers worth $100,000 or more has surged in August, marking its highest level in five months. This suggests confidence in the top meme coin’s medium-term price outlook.
The number of wallets holding between 1 million and 10 million DOGE has also grown by 33, reaching a total of 4,288.
Analysts suggest this renewed activity among whales signals accumulation rather than distribution.
One possible factor behind the buying spree is last week’s news that the U.S. President Donald Trump’s family-backed Thumzup acquired Dogehash Technologies, a Dogecoin mining firm. Experts believe that such high-profile investment could lend legitimacy to the meme coin’s ecosystem.
Meanwhile, Grayscale has filed for a spot Dogecoin ETF, though regulatory approval remains pending.
This whale accumulation comes as Dogecoin fell 15% from its August 24 high of $0.245 amid a broader correction across the crypto market. At the time of writing, DOGE trades near $0.21, down by over 4% in the past day.
The downturn has not much affected some high-profile traders. Crypto millionaire James Wynn, who recently lost $22,627 after his 10x leveraged Dogecoin long was liquidated, maintains a bullish stance.
In a post on X, Wynn argued that bearish sentiment is peaking and declared, “Time to go max long.”
His latest comments follow a Saturday’s X post where he claimed that a memecoin “cabal” manipulates markets through orchestrated pump-and-dump schemes.
Notably, DOGE’s perpetual contract 4-hour chart shows that the cryptocurrency has been consolidating within a symmetrical triangle since early August. The price continues to respect its ascending support line, a structure Ali Martinez interpreted as a sign of healthy consolidation.
If confirmed by an upward breakout, the top meme coin could see a rally to the $0.285, a potential 35% price swing from current levels.
Read original story DOGE Holders Continue to Buy the Dip, a Price Bounce Ahead? by Parth Dubey at Coinspeaker.com