Dogecoin (DOGE) Price: Whales Accumulate Over 1 Billion Tokens as Bulls Target $1

TLDR

Table of Contents

DOGE has broken free from its multi-month downtrend, pushing through the Ichimoku Cloud
Price targets range from $0.69 to $1.00, representing a potential 355% increase
Whales have accumulated over 1 billion DOGE (worth $220+ million) in the past month
Key support levels to watch are at $0.20 and $0.18, while $0.405 is a crucial resistance
Active addresses and transaction volumes are increasing, providing bullish signals

Dogecoin has been making waves in the crypto market recently, breaking free from its multi-month downtrend with bulls setting their sights on new all-time highs. The meme coin has shown impressive price action that has caught the attention of analysts and investors alike.

DOGE has successfully pushed through a key descending trendline that had kept its price suppressed since February 2025. This breakout occurred as Dogecoin broke through the Ichimoku Cloud on the daily chart, a technical indicator that many traders view as a strong bullish signal.

Analyst Chris on X (formerly Twitter) highlighted Fibonacci Extension targets between $0.69068 (1.618 Fib) and $0.82324 (2.0 Fib) as potential price objectives. These levels have become focal points as DOGE consolidates above the $0.22 mark.

The $1 price target has been called out as a key psychological level, representing a massive 355% increase from current prices. This would establish new all-time highs for the popular cryptocurrency.

Support levels around $0.20 will be crucial for maintaining the bullish momentum. If DOGE fails to hold this support zone, analysts warn that the price could drop to around $0.194, which would mark a 13.6% decline from current levels.

Whale Activity Surges

On-chain data reveals growing activity across several metrics for Dogecoin. There has been a substantial rise in active addresses and transaction volumes, both considered healthy signs for a cryptocurrency’s ecosystem.

Perhaps most telling is the whale activity surrounding DOGE. Large market participants have accumulated over one billion DOGE tokens in the past month alone. At current prices of around $0.225, this accumulation represents more than $220 million in value.

Whales have bought over 1 billion #Dogecoin $DOGE in the past month! pic.twitter.com/VVzwO7yLnM
— Ali (@ali_charts) May 16, 2025

This level of whale interest often precedes major price movements in the crypto market, adding weight to the bullish case for Dogecoin.

The current price action shows DOGE attempting to breach what analyst Ali Martinez describes as “a major area of resistance.” If this level is reclaimed, it could potentially spark a new bull run for the meme coin.

Some analysts, including Crypto Thies, believe that DOGE may undergo a consolidation phase in the near term. This could involve a retest of the $0.20-$0.21 support region before any further upward movement.

If this support holds, the price could potentially move toward the $0.30 level as the next target. However, the $0.405 resistance level remains critical – breaking through this point would likely signal an “extremely bullish” market according to TradingView analyst MMBTrader.

$DOGE 1D at $0.23 and expecting consolidation to likely retest $0.20 – $0.21 range.
Assuming support holds from there, continuation towards the $0.30 resistance would be probable. pic.twitter.com/Zeyi8tH5jj
— Crypto Thies (@kingthies) May 14, 2025

DOGE’s price has already surged by almost 50% in the past month, despite showing slight weakness on daily timeframes. The cryptocurrency bottomed at $0.13 in early April before consolidating around $0.16 for the next month.

The recent rally began on May 8th, with DOGE reaching a local high of $0.26 on May 11th. Since then, the price has pulled back about 13.5% to current levels around $0.225.

For traders watching this market, keeping an eye on the $0.205 and $0.18 support zones will be essential. Failure to hold these levels could weaken the current bullish narrative and potentially lead to deeper price declines.

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