DOGE Price Dumps to Monthly Lows but Dogecoin Whales Load Up

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.”