Dogecoin's Bullish Bias Maintained as Whales Accumulate
Dogecoin's price has been holding a modest bullish bias as it trades above $0.090, despite being capped below the 200-day Exponential Moving Average (EMA) near $0.094.
According to on-chain data from Santiment, certain whale wallets have been accumulating DOGE tokens during recent price dips, indicating sustained long-term interest among large-wallet holders.
The Supply Distribution metric shows whales holding between 1 million and 10 million (yellow line) and 10 million and 100 million DOGE tokens (blue line) have accumulated 519 million dog-themed meme coins since Sunday.
Dogecoin derivatives metrics also point to a bullish outlook, with CoinGlass' long-to-short ratio reading 1.11 on Tuesday, nearing the highest level over a month, and a positive funding rate indicating longs are paying shorts.