Dogecoin (DOGE) Whales Accumulate Over 200 Million Tokens, Signaling a Bull Run

Despite the growing popularity of memecoins, Dogecoin (DOGE) has been trading within a range-bound. Dogecoin whales have resumed accumulating the token, with addresses holding between 100 million and 1 billion DOGE adding over 200 million tokens since May 30.

Historical data suggests that the ongoing price correction is part of Dogecoin’s usual behavior before a massive bull run.

Dogecoin whales resume accumulation

According to a recent chart shared by analyst ALI, Dogecoin whales have resumed their accumulation of the token. The chart shows the number of addresses holding between 100 million and 1 billion DOGE, which have collectively added over 200 million tokens to their holdings since May 30.

These whales currently possess DOGE worth more than $31 billion, representing a substantial portion of the total tokens in circulation. Despite this accumulation, the price has remained relatively stable, suggesting that the token may be gearing up for a significant move in the near future.

The analyst believes that the current price correction is a characteristic behavior of Dogecoin before embarking on a massive bull run. In 2017, the DOGE price broke out of a descending triangle pattern, followed by a 40% retracement and a subsequent bull run that exceeded 900%. Similarly, in 2021, the token underwent a retracement of over 50%, which ultimately led to an astounding rally of more than 12,000%.