Strong whale buying could be powering Dogecoin (CRYPTO: DOGE) as the memecoin rallied over 9% in a week.

Whale Accumulation Alongside DOGE’s Rally

Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post late Sunday that as many as 470 million DOGE tokens were snapped up by large investors over the last 72 hours. The accumulation totaled roughly $45 million at prevailing prices.

Big Moves In Spot ETFs, Derivatives

Whales were also placing massive bets on DOGE in the derivatives market. The ratio of long and short accounts by top traders —top 20% users with the highest margin balance—was 2.44 as of this writing, according to Coinglass.

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