Dogecoin (DOGE) Whales Accumulate 240M Tokens Despite 4% Price Drop — Rally Ahead?

Key Takeaways

• Dogecoin declined 4% to $0.079, slipping beneath its 50-day exponential moving average at $0.081
• Large holders accumulated 240 million DOGE tokens from September 9 through September 14, increasing total holdings to approximately 19 billion DOGE
• DOGE exchange-traded funds recorded $248,510 in net inflows on September 16, exclusively from Grayscale’s GDOG product
• Technical analyst Ali Martinez identified potential rally targets at $0.1552 and $0.1774, contingent on maintaining $0.0813 support
• Cryptocurrency ETFs collectively experienced nearly $600 million in withdrawals on September 16 following the Senate’s rejection of the CLARITY Act

Dogecoin (DOGE) is experiencing downward pressure today, declining approximately 4% to reach $0.079 as bearish sentiment sweeps through cryptocurrency markets. The broader market also faced headwinds, with Bitcoin dropping 0.8% and Ethereum falling 1.6% during the same period.

Dogecoin (DOGE) Price

The market weakness followed the US Senate’s failure to advance the CLARITY Act, proposed legislation designed to establish regulatory frameworks for digital assets. This development sparked significant capital flight, with US-listed cryptocurrency ETFs recording approximately $600 million in net outflows on September 16 — marking the most substantial single-day exodus since June 2026.

However, the price decline hasn’t deterred major DOGE investors. Whale wallets — defined as addresses containing a minimum of 100 million DOGE — added 240 million tokens to their portfolios between September 9 and September 14, based on analytics from Santiment. These large holders now control nearly 19 billion DOGE, representing approximately 12.18% of the circulating supply.

Market analyst Ali Martinez highlighted this accumulation pattern and established price projections for Dogecoin using blockchain data. Leveraging the UTXO Realized Price Distribution (URPD) indicator from Glassnode, Martinez pinpointed a significant support region at $0.0813, where approximately 35 billion DOGE previously traded hands.

Technical Price Projections

Martinez explained: “As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets.”

Despite whale accumulation, selling pressure persisted. According to CoinGlass tracking data, spot markets recorded $39 million more in outflows compared to inflows during the September 9–14 timeframe, demonstrating that broader market participants continued selling even as whales accumulated.

Meanwhile, Trader Tardigrade (@TATrader_Alan) examined Dogecoin’s long-term monthly chart patterns. He observed that DOGE has previously established a “floor level” on three occasions — in 2015, 2019, and 2022 — with each instance preceding substantial price rallies. He characterized the current consolidation as a third floor formation, emphasizing this as a historical pattern observation rather than mere conjecture.

Investment Product Flows and Chart Analysis

Regarding investment products, Dogecoin ETFs attracted $248,510 in fresh capital on September 16, entirely attributed to the Grayscale Dogecoin Trust (GDOG). The Bitwise DOGE ETF, scheduled for closure in October, and the 21Shares TDOG ETF recorded zero inflows.

Dogecoin ranked among just four digital assets posting positive ETF flows that day, joining Solana, Tron, and Hedera.

From a technical perspective, DOGE has breached its 50-day exponential moving average and penetrated the lower trendline of a descending triangle formation. Should the price close beneath this threshold for three consecutive sessions, a decline toward $0.069 becomes increasingly probable.

The Relative Strength Index currently registers at 42, trending downward. A recovery above $0.086 would be necessary to reverse the near-term bearish momentum, with the 200-day EMA positioned at $0.093 representing the subsequent resistance level.

Despite recent weakness, DOGE maintains a 14.53% gain over the trailing 30-day period.

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