Meanwhile, some analysts believe the meme coin could be on the verge of a historic rally.
The past 24 hours (and several days) haven’t been kind to the cryptocurrency market, with many leading assets posting substantial losses.
The largest and oldest meme coin has not been spared, as it slips to just over $0.10 for the first time since April 30. Its momentum has stalled after it neared $0.12 last week, and it’s down by 10% on a weekly scale, which is the most significant decline from the larger-cap alts.
Whales Are Loading Up
Although its price has tumbled in the past several days, the overall investor behavior has been quite positive lately. Reports began to emerge in early May that Dogecoin whales had been quietly accumulating for some time, as the total holdings of wallets containing at least 100 million coins reached an all-time high of over 108.5 billion DOGE.
A few weeks down the line, another update on the matter indicated that these large investors had acquired 470,000,000 DOGE in just three days. These purchases coincided with the asset’s price revival to $0.118. Despite the subsequent retracement, whales have kept accumulating, according to data shared by Ali Martinez.
The analyst noted that large investors had purchased over 525,000,000 DOGE in the span of just four days. Such accumulations not only reduce the immediate selling pressure for the underlying asset but could also serve as an example for smaller investors who tend to follow the so-called ‘smart money.’
Whales bought over 525 million Dogecoin $DOGE in the last 96 hours. pic.twitter.com/qrz36pIalX
— Ali Charts (@alicharts) May 22, 2026
Mirroring Previous Structure
Despite the current market breakdown, several crypto analysts on X remain hopeful of a more profound rally from the leading meme coin. Nehal said DOGE is currently mirroring the moves after the August 2024 bottom when it printed 4 “strong green weekly candles, followed by 2 red consolidation weeks before a major breakout rally.”
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Nehal added that Dogecoin had already marked 4 consecutive green weekly candles after the 2026 February bottom, and is currently in its second consolidation week. If history repeats, DOGE will either close the week near the open before continuing higher, or flip green immediately and accelerate “faster than expected.”
Trader Tardigrade also touched upon the meme coin’s historic performance, noting that the current fake breakdown is the third similar the asset has posted over the years. The two previous examples led to mind-blowing five-digit rallies of up to 29,000%.
“The pattern is identical. Support has been reclaimed,” they concluded.
