Dogecoin Price Analysis: 240M DOGE Bought, But the Network Says Be Careful

By Afe Funbi

Key highlights:

  • Whales bought over 240 million DOGE in the past week, lifting holdings to 19.02 billion DOGE.
  • The DOGE price is testing key resistance between $0.08564 and $0.08672.
  • Active addresses and transfers have declined, pointing to weaker network activity.

Dogecoin is back in the conversation after fresh on-chain data showed whales buying heavily during the latest dip. Santiment data shared by analyst Ali Martinez shows large holders scooped up more than 240 million DOGE over the past week, pushing their combined holdings from about 18.6 billion to 19.02 billion DOGE.

When large investors keep buying into weakness, traders usually pay attention. The problem is that another set of metrics is moving in the opposite direction. Network activity has been slowing down, raising questions about whether the DOGE price is ready for a sustained recovery or if this is simply whales taking advantage of lower prices.

Whales keep adding DOGE

The biggest story around the DOGE price right now is what large holders are doing. Santiment’s data shows whale balances climbing every day for the past four days. Holdings went from about 18.60 billion DOGE on September 11 to 19.02 billion by September 14.

That’s roughly 420 million DOGE added, about 2.3%, in a very short window. And the pace picked up too. Whales added around 120 million DOGE between September 11 and 12, then two straight days of roughly 150 million each.

This kind of buying usually happens when big investors think an asset is trading below what it’s worth. DOGE has been stuck near $0.08 for weeks after falling from much higher levels earlier in the cycle, which gave whales plenty of room to build positions.

Of course, whale accumulation alone does not guarantee higher prices. But when some of the market’s largest participants continue buying during a correction, it often becomes a data point worth watching.

Billy Markus adds some humor to the DOGE discussion

Dogecoin co-founder Billy Markus also helped put DOGE back into the conversation this week. After discussions around proposed $5,000 stimulus payments for U.S. adults, Markus joked that the government should instead buy $1.2 trillion worth of DOGE and distribute it to citizens.

The comment was clearly made in jest, but it puts Dogecoin’s size into perspective. The entire DOGE market capitalization is estimated at about $13.2 billion. A $1.2 trillion purchase would be more than 90 times larger than the network’s current value.

The joke is unlikely to move the DOGE price on its own, but it arrived at a time when whale accumulation data was already attracting attention across the crypto market.

The DOGE price is stuck between support and Resistance

We had a look at the DOGE chart, and the market is approaching an important area. DOGE is trading around $0.08292. On the daily chart, that’s still above the 100-day simple moving average at $0.07804. Holding above that keeps the broader structure intact for now.

Daily DOGE chart analysis

The daily RSI is at 48.57, almost dead center. Buyers and sellers are still fighting for control. The shorter timeframe looks a bit different. On the 4-hour chart, DOGE is below its 100-period SMA at $0.08564, and the 4-hour RSI has dropped to 39.78, close to oversold.

4-Hour DOGE chart analysis

That gives us a pretty clear setup. If buyers reclaim the $0.08564–$0.08672 area, the next targets are $0.08934, $0.09757, and potentially $0.10531. If sellers stay in control, support sits at $0.07804 and $0.07733. Losing that zone could open the door to a deeper drop toward $0.06410.

DOGE network activity is moving the wrong way

This is where things become a little more complicated for the bullish case. Even though whales are accumulating, fewer people are actually using the Dogecoin network. Active addresses dropped from around 45,000 to about 36,500 over the measured period, a decline of nearly 19%. 

Transfers followed the same path, falling from roughly 57,000 to about 47,300, down around 17%. And DOGE’s price slid from near $0.09 toward $0.08 during that stretch. So the on-chain picture isn’t as pretty as the whale data indicates.

Network activity doesn’t always move in a straight line with price, but declining addresses and fewer transfers usually indicate weaker participation across the ecosystem. That’s one reason traders remain cautious despite the aggressive whale buying. For sentiment to improve, many investors would like to see active addresses climb back above 40,000 and transfer activity begin recovering as well.

Where could the DOGE price go next?

The DOGE price is caught between two competing narratives. On one hand, whales have accumulated more than 240 million DOGE in a week and pushed their combined holdings to 19.02 billion DOGE. 

That’s a strong vote of confidence from large investors. On the other side, network activity continues to weaken. Active addresses are down to around 36,500, and daily transfers have fallen to roughly 47,300.

For the bulls, the first job is taking back the $0.08564–$0.08672 resistance area. If that happens, DOGE could target $0.08934, then $0.09757, with $0.10531 as the next major level above. For the bears, a break below the $0.07804–$0.07733 support zone would put $0.06410 back in focus.

For now, the whale buying is encouraging, but the DOGE price may need stronger network participation before a larger recovery can really get going. CoinCodex’s 1-month DOGE price prediction places the price at $0.08693, implying that analysts expect Dogecoin to edge higher from current levels over the coming weeks.

Source:: Dogecoin Price Analysis: 240M DOGE Bought, But the Network Says Be Careful

Updated: September 15, 2026 at 11:50 am
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