Whales Scoop 1B DOGE as Price Bounces From Key Fibonacci Zone

Key Insights:

• Whales added over 1B DOGE in the past month, holdings rose to nearly 26B coins.
• Dogecoin bounced from Fibonacci 0.382–0.5 zone between $0.20 and $0.21.
• Open interest climbed back toward $1B as futures activity increased in May.

In just 30 days, whales have gathered more than 1 billion DOGE as Dogecoin bounced back from the $0.21–$0.20 Fibonacci zone. At the same time, futures market participation is rising, suggesting more people are getting involved in both spot and derivatives markets.

Over 1 Billion DOGE Accumulated by Whales in One Month

There has been a rise in interest from large holders in Dogecoin (DOGE) over the past month. Data from Santiment, shared by Ali M artinez, reveals that wallets holding between 100 million and 1 billion DOGE have added 1 billion coins since mid-April.

This pushed total holdings in these wallets to nearly 26 billion DOGE by May 15, up from just under 25 billion at the beginning of the period.

Whales added 1B DOGE in 30 days | Source | Santiment

As whales accumulated, the market saw a strong upward move. DOGE’s price rose from $0.17 to above $0.20 between May 7 and May 13.

While the price has since pulled back slightly, large wallets continue to buy, suggesting high confidence at the current price range. This increase in accumulation is also visible across other Dogecoin network metrics.

On-Chain Activity Strengthens Alongside Price Action

Additionally, that there has been an increase in daily active addresses, transaction volume, and the number of whale transactions. The number of transactions in USD reached almost $1.1 billion on May 13, compared to less than $600 million a few days before.

During this time, the number of whale transactions (over $1 million per transfer) also increased, as can be seen by the spikes on the chart.

At the same time, the number of active addresses increased beyond 600,000, a big jump from the previous 100,000 seen in late April.

As Dogecoin’s price got close to the resistance zone at $0.26 and $0.28, as shown on the 3-day chart, more people began participating in the market.

These metrics are usually a reflection of people’s short-term feelings about the asset. Large transfers and increased activity in addresses are often seen around price turning points, and these can lead to either up or down movements in the market.

DOGE Finds Technical Support at Key Fibonacci Levels

Meanwhile, the technical picture shows that Dogecoin has bounced off a key support area at the 0.382 to 0.5 Fibonacci levels. The chart by Trader Alan on the 4-hour shows the token quickly fell into the $0.23–$0.24 range but then jumped back up sharply.

The trend seen here is similar to what happened before, as Dogecoin bounced back after reaching similar retracement points. Fibonacci retracements are often used to look for support during price pullbacks, and the strong reaction at the 0.382 level made this area important.

The price movement from this level also went along with increased whale activity and rising open interest, suggesting a bigger market reaction. The recent candle formations on the 3-day chart point to a rejection just above $0.26, making it a key level to keep an eye on in the upcoming days.

Futures Market Sees a Rise in Open Interest

Furthermore, people are once again showing interest in Dogecoin futures. According to Coinglass, the open interest in DOGE shot up in early May, reaching $3 billion as prices increased.

March and April saw this metric fall, but it has since come back to the levels seen during previous rallies, which suggests that derivatives markets are active again.

As new money comes into the market, the open interest, which tracks the total value of outstanding futures contracts, usually rises. A rise in both price and open interest often means that traders are more confident in the market. But it may also lead to higher levels of volatility.

As Dogecoin went from $0.16 to $0.20, open interest also rose steadily. If the number of open positions keeps increasing along with the price, it could sustain the bullish trend. Still, if price falls and open interest is high. It could indicate a lot of leveraged positions, making liquidation more likely.

All these trends are contributing to the current movement of Dogecoin. The current resistance is at $0.26, and the price is being held up by the support between $0.21 and $0.20.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only. and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.