The post Dogecoin price stuck as whale accumulation continues appeared on BitcoinEthereumNews.com.

The Dogecoin price has consolidated in the past few weeks, even as on-chain data points to whale accumulation.  At last check Sunday, Dogecoin (DOGE) was trading at $0.1743, a range it has remained stuck at in the past few days. This price is about 36% above the lowest level this year.  On-chain data compiled by Santiment shows that large investors have continued to accumulate the coin. DOGE holders with between 1 million and 10 million coins have increased their holdings from 10.3 billion in March to 10.5 billion today, a 200 million increase.  Similarly, larger holders with between 100 million and 1 billion coins have increased their positions from 23.4 billion in March to 25.52 billion. Whale accumulation, especially in a bear market, is seen as a positive catalyst for an asset.  These whales have bought the coin, potentially anticipating a spot DOGE ETF approval by the Securities and Exchange Commission. The odds of that approval are high because Dogecoin is a proof-of-work cryptocurrency, and the agency is not concerned that it is a security. DOGE whale accumulation | Source: Santiment Dogecoin price has stalled for two main reasons. First, there are signs of a rotation from traditional memecoins to newer ones on the Solana ecosystem. Its sluggish performance happened as top Solana meme coins like Fartcoin (FARTCOIN) and Popcat (POPCAT) surged.  Second, Elon Musk has hinted that he will scale back his work for the Department of Government Efficiency as the Tesla stock has crashed. Exiting the DOGE project will not have a direct impact on Dogecoin. However, it may hurt sentiment among investors.  Dogecoin price technical analysis DOGE price chart | Source: crypto.news The daily chart reveals that the DOGE price has moved sideways in the past few weeks. It has formed a symmetrical triangle pattern whose two…

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Filed under: News - @ May 4, 2025 11:14 am