Dogecoin: Can whale accumulation offset DOGE’s price decline?

• Large wallets cop more DOGE as price declined.
• The overall trend remained negative despite a slight increase.

Over the past few days, Dogecoin [DOGE] has experienced price downtrends, concluding the previous month with a decline and continuing the same trend into the new month.

Despite this negative price movement, notable accumulation has been observed in certain wallets.

Dogecoin needs more positive momentum

Analysis of the Dogecoin daily timeframe chart revealed that out of the last seven days, DOGE experienced positive price trends for only three days.

Despite these brief upticks, there has been an overall decline in the past week, as the positive trends were insufficient to offset the downward movement. 

Source: TradingView

As of this writing, DOGE was trading at around $0.158, an increase of less than 1%. It was also trading above its short Moving Average (yellow line) for now. This suggests that the price trend remains positive at the moment despite the overall downtrend.

Additionally, an analysis of its Relative Strength Index (RSI) indicated a shift from the bull trend. However, as of this writing, its bear trend remained weak, with the RSI just below the neutral line.

For DOGE to revert to a bull trend, it must sustain a more positive price momentum.

Whale Dogecoin wallets accumulate more

Analysis of the Dogecoin wallet activity revealed that despite the price decline, certain wallets have accumulated more of the memecoin. 

According to the supply distribution chart on Santiment, between the end of May and the present, over 200 million DOGE has been accumulated by these addresses.

Specifically, wallets holding between 100 million and 1 billion DOGE tokens have increased their holdings. 

Source: Santiment

Additionally, an analysis of wallets holding between 100,000 and 1 million DOGE showed a similar increase in accumulation.

DOGE holders remain the same 

Despite the evident accumulation in Dogecoin, the number of holders did not see an increase. Analysis of the number of holders on Santiment revealed a flat trend over the past few weeks. 

As of the current writing, the number of holders stood at around 6.6 million, consistent with the figures observed in May. This meant that the accumulation was by existing wallets.

Source: Santimet

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Furthermore, there has been no significant volume trend in the past few days.

The volume has slightly declined over the last few days, standing at $835 million as of the current writing. This suggests a decrease in activity in recent days.