Dogecoin (DOGE) is regaining attention as whale activity experiences a notable uptick. This trend emerges as the original meme coin is now capturing the interest of both individual users and institutional investors.

Large Holders Accumulate DOGE Amid Price Dip

Between December 2 and December 4, wallets that hold between 1 million and 100 million DOGE increased their balances by approximately 480 million tokens, based on data from Santiment shared by analyst Ali Martinez. This boosted the total whale holdings from around 28 billion to 28.48 billion DOGE in a mere two-day span.

The buying frenzy coincided with Dogecoin’s recovery from $0.14 to $0.15 following a decline. Currently, DOGE has seen a 2% decrease over the last 24 hours and a cumulative decline of 2% over the last week. This accumulation suggests that major investors took advantage of an apparent local bottom.

As CryptoPotato previously reported, the TD Sequential setup has indicated a potential buy signal, a method that has historically marked turning points during periods of correction. Additionally, data from Glassnode indicates that roughly 11.72 billion DOGE were bought within a price range of $0.2028 and $0.2044, establishing a strong resistance zone. Many wallets that purchased DOGE around the $0.20 mark are currently at a loss, potentially leading to increased selling pressure if prices revert to that range as traders aim to exit near breakeven.

“$0.20 is the key resistance for Dogecoin. That’s where 11.72 billion $DOGE were accumulated.”
— Ali (@ali_charts) December 5, 2025

Network Activity Reaches Three-Month High

In a recent spike, DOGE recorded 71,589 active addresses, representing the highest count since September, according to Martinez. This uptick in user engagement comes despite a prevailing downward price trend. The surge in network activity coincides with recent filings from 21Shares and Grayscale, who have put forth proposals for Spot DOGE ETFs, heightening expectations for broader market engagement.

However, whale inflow rates have remained subdued since November, and ETF-related interest has yet to manifest in robust price performance. The discrepancy between increasing engagement from active address holders and decreasing prices suggests a disconnect between user interest and market demand.

Long-Term Pattern Persists

A long-term analysis conducted by Trader Tardigrade illustrates that Dogecoin is likely following a well-known trajectory. The asset is establishing a series of higher lows above a trendline that mimics its structure prior to the 2021 surge. This pattern previously included extended consolidation before any significant breakout.

“$Doge/2-month #Dogecoin is commencing its roller coaster movements 🚀”
— Trader Tardigrade (@TATrader_Alan)
December 4, 2025

With all signs indicating potential volatility on the horizon, the price will still need to navigate and surpass various resistance levels to activate a larger movement.