Large holders are buying DOGE during the recent market correction, a move that could result in a price rally ahead.
Dogecoin DOGE $0.21 24h volatility: 2.4% Market cap: $32.04 B Vol. 24h: $2.75 B 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.
Market Sentiment and Technical Signals
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.
James Wynn (@JamesWynnReal) got completely liquidated on his $DOGE (10x) long position, losing $22,627.https://t.co/YLnfptl7vw pic.twitter.com/BKSXuj4qh8
— Onchain Lens (@OnchainLens) August 25, 2025
In a post on X, Wynn argued that bearish sentiment is peaking and declared, “Time to go max long.”
Timeline bearish and calling for the bear market. Time to go max long.
MM’s just wiped out all the overly leveraged longs.
Time to RIP!!!! 🚀🚀🚀🚀
— James Wynn (@JamesWynnReal) August 25, 2025
His latest comments follow a Saturday’s X post where he claimed that a memecoin “cabal” manipulates markets through orchestrated pump-and-dump schemes.
Fuck the meme coin cabal, you give them supply and they just dump on your head.
They’re thieving scavengers. It’s orchestrated pump and dump.
I’m changing this. I’m making my own meme coins. Where KOLs get precisely zero.
If the market likes it, it’ll pump. If the market…
— James Wynn (@JamesWynnReal) August 23, 2025
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.
Dogecoin $DOGE: One last dip before the breakout! pic.twitter.com/DQh70ilOas
— Ali (@ali_charts) August 25, 2025
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.
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