Despite a recent slowdown in Dogecoin’s rally, on-chain data indicates a potential surge on the horizon. The DOGE market has been buzzing, particularly due to the impressive amount of Dogecoin acquired by ‘whales’ in the past month, exceeding one billion.
Renowned crypto analyst Ali Martinez recently highlighted the increasing activity levels in various areas for the world’s biggest meme coin. He pointed out a significant increase in active addresses, transaction volumes, and whale activity – all of which he believes are positive indicators that could bolster further growth.
CryptoPotato has consistently emphasized the importance of a growing number of active addresses and transaction volumes for any blockchain (and its respective asset). Bitcoin’s price fluctuations in 2025 illustrate this perfectly; its price plummeted in February, March, and early April when activity dipped, but rocketed past $100,000 once activity rebounded.
Martinez noted that so-called ‘whales’, or large market players, have amassed over a billion DOGE in just the past month. Given Dogecoin’s current price (approximately $0.225), this accumulation equates to over $220 million.
The price of the meme coin took a nosedive in the initial months of the year, hitting a low of $0.13 in early April. It then stabilized at around $0.16 for a month before it surged alongside most of the market since May 8, peaking at $0.26 on May 11. However, it encountered a sharp decline after that and has decreased by 13.5% to the current levels.
Martinez believes that DOGE is now striving to overcome “a significant area of resistance.” If successful, it could “ignite a new bull run.” Crypto analyst Crypto Thies posits a prolonged consolidation phase at this point, and possibly a retest of the $0.2-$0.21 support zone. If this holds, the price of the original meme coin could soar to $0.3.
