- Whales and spot traders collectively accumulated DOGE, pushing market demand higher.
- Despite bullish metrics, long traders faced heavy losses in the past 24 hours.
Dogecoin’s [DOGE] performance in the last 24 hours remained neutral, with a minimal gain of just 0.17%.
That trend held steady across broader timeframes. DOGE gained 1.13% over the week and 3.03% over the past month.
The market direction appears to be tilting in favor of long traders and a DOGE rally, but there’s more beneath the surface.
Whales and spot traders align—What’s to come?
Traders holding significant portions of DOGE—commonly referred to as whales—have spent the past week accumulating the asset.
In total, whales purchased approximately 100 million DOGE, valued at $17.5 million, during this accumulation phase.
Source: Santiment
Interestingly, spot traders outperformed whales in terms of buying activity. Within the same period, spot traders purchased $46.63 million worth of DOGE from the market.
This increase in buying was supported by the negative Exchange Netflow recorded over the past week, signaling large withdrawals from exchanges.
Source: CoinGlass
If whales and spot traders continue accumulating DOGE at this rate, the likelihood of a major rally increases.
Additional market metrics are also aligning with this bullish outlook, pointing toward a potential move to the upside.
Major growth, supported by traders
Key derivatives metrics have shown a notable spike, further validating bullish sentiment among traders.
The Open Interest (OI)-Weighted Funding Rate turned significantly positive after a recent dip, increasing from 0.0004% to 0.0044%—an over 10x surge.
This spike confirms that the majority of unsettled contracts in the market come from long positions expecting price growth.
Source: CoinGlass
Traders on major crypto exchanges like Binance and OKX have fueled this growing optimism.
At the time of writing, the Taker Buy/Sell Ratio, which measures aggressive buying versus selling volume, suggested that buyers were in control.
This ratio sat at 2.56 on Binance and 2.65 on OKX, far above the neutral level of 1. Whenever this ratio exceeds 1, it signals that buying volume is dominating.
The higher the ratio goes, the stronger the buying pressure, which could lead to upward price movement for DOGE.
Long traders are losing cash on DOGE
Despite the bullish setup, long traders have suffered significant losses. In the past 24 hours, they lost $4.51 million.
This disparity suggests that bearish pressure is still present in the market, raising the possibility of a pullback before any breakout.
This tug-of-war may be causing the current delay in DOGE’s rally, keeping it from making a decisive move upward.
However, this pause could benefit whales and spot traders, giving them more time to accumulate DOGE at lower prices.
Such continued accumulation may help protect the asset from a sharp decline and eventually lead to short-trader exhaustion, laying the groundwork for a stronger move upward.