Dogecoin Whales Add 180M Tokens Amid Market Downturn

Dogecoin (DOGE) whales have been buying up tokens in large quantities during the recent market downturn, supporting a modest rebound to $0.0708.

According to Santiment data, wallets holding between 10 million and 100 million DOGE added approximately 180 million tokens to their balances, increasing their share of supply from 11.85% to 11.97%. This is still below the cohort's late-July holdings, but it does indicate renewed accumulation.

However, some experts caution that this may not be a sustained buying trend just yet, as balances remain below recent peaks and some addresses may belong to exchanges or custodians, leaving the reason for the increase unclear.

The derivatives market also shows signs of improvement, with open interest near $1.17 billion and a mostly positive OI-weighted funding rate since July. This suggests that long-side positioning is becoming more prevalent, but elevated open interest could still amplify liquidations if support fails.