Dogecoin whales accumulate $112 million amid price resistance

Large-scale investors, commonly referred to as whales, have accumulated over $110 million worth of Dogecoin (DOGE) within a 96-hour window. On-chain data from Santiment indicates that wallets holding between 10 million and 100 million DOGE increased their collective holdings by approximately 1.14 billion tokens.

This accumulation occurs as the cryptocurrency faces significant technical resistance. The price has been hovering near the $0.09 to $0.10 range, with a notable resistance zone identified between $0.10 and $0.105. While such buying patterns have historically preceded market moves, analysts note that they can also lead to periods of price consolidation.

Market indicators show high activity in the derivatives sector, with futures open interest reaching between $1.5 billion and $1.67 billion. Additionally, Grayscale’s DOGE ETF has seen recent inflows, marking a notable increase in institutional interest.