Fresh data published by on-chain analytics platform Santiment and highlighted by market commentator Ali Martinez reveal that the largest Dogecoin investors have spent the last four weeks quietly expanding their positions while activity on the network accelerates – all as the memecoin’s price grinds toward a make-or-break technical ceiling.
The difference of about 1.4 billion DOGE – worth a little over $300 million at prevailing spot prices – confirms that large holders have absorbed significant supply even as the token rallied. At the time of the snapshot the cohort controlled 25.97 billion DOGE, although the value already peaked at roughly 26.5 billion DOGE on May 10.
Network activity appears to be following the money. A second Santiment dashboard shows daily active addresses vaulting from the low five-figure area in mid-April to peaks north of 680,000 on May 12-13, before easing to 69,200 on the May print 15.
While the tape of flows looks constructive, the price chart argues that the market remains at a critical juncture. On the three-day candle chart shared by Martinez, DOGE is trading at $0.2277 and pressing into a supply wall that caps the band between roughly $0.24 and $0.26.
The horizontal zone – shaded in grey – was sturdy support throughout December 2024 and became resistance after the mid-February breakdown. It has since produced several clean rejections, each marked by Martinez’s downward arrows. Another breach attempt earlier this week pierced the band intraday but failed to settle above it, leaving the level intact.
At press time, DOGE traded at $0.22.
