Dogecoin (CRYPTO: DOGE) rose 10% over the past week, supported by a sharp increase in on-chain activity and whale accumulation.

Network Activity Spike

Data from Santiment shows Dogecoin saw 739 large transactions (each over $100,000) in a single day, its highest level in six months.

At the same time, holdings among large wallets continue to concentrate. Wallets containing 100 million DOGE or more, totaling 149 addresses, now control approximately 108.52 billion DOGE, valued at about $11.6 billion.

Analysts say the recent price gain of roughly 14% over 10 days appears to be driven primarily by accumulation from large holders rather than broad retail participation.

Open interest in Dogecoin futures reached $1.6 billion as of Apr. 30, according to Coinglass data, marking its highest level since January 2026.

Trading volumes have also increased sharply, reaching their highest levels since late 2025, suggesting heightened speculative and directional positioning.

Technical Indicators Flash Mixed Signals

Crypto chart analyst Ali Martinez noted that the TD Sequential indicator has flashed a potential sell signal, suggesting short-term exhaustion following the recent rally.

He referenced the seasonal "Sell in May" pattern, implying that traders may begin taking profits after the recent surge.

In contrast, analyst Cantonese Cat said Dogecoin has printed its third monthly bullish "morning star" pattern, a longer-term reversal signal. However, he cautioned that confirmation requires sustained follow-through and a breakout above key resistance.

Trader Polaris XBT highlighted that Dogecoin is currently testing a critical support level relative to Bitcoin. He said price is at a decision point, either holding support and continuing the uptrend or breaking down and invalidating the bullish structure.

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