Whales Fuel Dogecoin Buying Spree Amid Weakening Network Activity

Large Dogecoin (DOGE) holders have been accumulating more than 240 million DOGE in the past week, pushing their combined holdings to a record 19.02 billion DOGE.

This significant buying activity has sparked interest among traders and investors, with some seeing it as a sign of confidence from large investors.

However, despite the whale buying, Dogecoin's network activity continues to weaken, with active addresses and transfers declining by nearly 19% and 17%, respectively.

This mixed picture is causing caution among traders, who are waiting for stronger network participation before a larger recovery can take place.