Dogecoin Price Targets $0.95 as Whales Accumulate Over One Billion DOGE

Highlights:

• Dogecoin price drops 3.80% as memecoins follow a broader bearish market trend.
• Dogecoin targets $0.95 as a new bullish wave gains strength on the weekly chart.
• During the recent price surge, whales accumulated over 1 billion DOGE.

The largest memecoin by market capitalization, Dogecoin, is trading in a bearish trend following the broader market sentiment. DOGE is down by 5.25% over the past 24 hours, mirroring the likes of memecoins such as Shiba Inu and PEPE.

The latest setback adds momentum to the descending pattern that had formed on the weekly chart. The price has declined from the $0.2500 mark to seek support at the $0.2100 mark, leading to a decline of 4%. Despite Dogecoin’s market setback, the memecoin has surged by 38% over the past 30 days.

As of the current writing, the price of DOGE is $0.215, along with a market cap and trading volume of $32.4 billion and $1.67 billion.

Dogecoin Price Eyes $0.95 as Fourth Bullish Wave Begins with Strong Breakout

According to a recent technical analysis by Bitcoinsensus, Dogecoin continues to follow a bullish channel structure in the weekly time frame. Past cycles had long-lasting rallies and every new rally brought larger gains than the previous one.

During the first cycle, the coin gained 90%, followed by a jump of 215%, and then reached a staggering 440% in the third cycle. The latest channel breakout is likely to see a 314% rise, bringing the price close to $0.95. This supports the wave growth seen before and the current technical advancements.

$DOGE BULL FLAG CYCLES :

On the weekly time-frame, Dogecoin has been moving in impulsive waves to the upside📈

Each wave has outperformed the one before by a lot :
First wave : +90%
Second wave : +215%
Third wave : +440%
Fifth wave : +??

The next projected target for $DOGE is… pic.twitter.com/i5Dy6hRAm3

— Bitcoinsensus (@Bitcoinsensus) May 16, 2025

The price broke out of the descending channel and started a new upward move. The increasing volume and structure in the chart mean more interest in the asset. As a result, the behavior of the market today seems to form an ongoing bullish pattern on the weekly chart.

Whale Accumulation Record Over One Billion DOGE in the Past Month

The last 30 days have seen large Dogecoin holders build up more than one billion DOGE. Ali Martinez, a cryptocurrency analyst, suggests that from April 15, DOGE whales began adding large amounts of the token to their balances. The increase in DOGE’s price led to this trend becoming sharper.

Whales have bought over 1 billion #Dogecoin $DOGE in the past month! pic.twitter.com/VVzwO7yLnM

— Ali (@ali_charts) May 16, 2025

The price of Dogecoin remained stable within a narrow range for about two weeks and then jumped on May 8. Within just three days, the price rose by over 45% to $0.25049. The rise in price came soon after the heavy accumulation period experienced by the market, as illustrated by data from Santiment. The analysis suggests that large investors moved their assets in preparation for higher prices.

The chart indicates that, despite the rise, Dogecoin might have established a Triple Top pattern. Such a setup usually indicates that the market’s bullishness may end and bearishness might begin. Nevertheless, this accumulation from whales suggests that more experienced holders are feeling increasingly confident.

Technical Analysis: Where is Dogecoin Price Heading?

Technical indicators on the 4-hour chart indicate a further price correction for the Dogecoin market if the current trend holds. DOGE has formed a descending channel pattern, which could drop further down, breaching the support levels, and leading to a major price correction.

Indicators such as the Relative Strength Index (RSI) reached the overbought region on May 10 but have been trending southwards and currently hovering around 39 levels, indicating a neutral market sentiment. 

In addition, the Moving Average Convergence Divergence (MACD) is lying in the negative region, suggesting a lack of buying pressure in the market as the sellers take the lead. With most indicators displaying bearish outlooks, the Dogecoin price could drop to $0.1850 and $0.1640 levels if the current trend holds.