Analyst sets Dogecoin price target as whales accumulate 240 million DOGE in a week

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As Dogecoin (DOGE) price fell by roughly 3.6% over the past 24 hours following the vote on the CLARITY Act – a bill in the United States Senate geared towards regulating the cryptocurrency industry- despite large whales, addresses with at least 100 million DOGE, accumulating over 240 million coins in a week, crypto analyst Ali Martinez has set bold targets for this memecoin.

Martinez expects Dogecoin’s price to rally towards $0.1774 for as long as its support level around $0.0813 holds, according to an X post that Finbold analyzed on September 16. 

DOGE’s URPD. Source: Glassnode

Based on the UTXO Realized Price Distribution (URPD), an on-chain metric that shows the amount of a crypto that last moved within specific price ranges, hence revealing where investors acquired their coins, this crypto expert argued that DOGE’s price has formed a strong on-chain support level around $0.0813, where 35 billion Dogecoins were previously traded.

“As long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets,” Martinez noted.

He further based his bullish thesis on this memecoin on rising demand from whale traders. Specifically, Dogecoin’s large whales accumulated 240 million DOGE between September 9 and 14, thereby increasing their holdings to nearly 19 billion or approximately 12.18% of its total supply, according to data from Santiment. 

Dogecoin’s large whales’ daily balances. Source: Finbold

Dogecoin price performance 

Over the past 30 days, Dogecoin price has rallied 14.53%, trading at $0.08017 at the time of writing. During the last 24 hours, the memecoin’s market capitalization fell 4.66% to $13.56 billion while its 24-hour trading volume rose 47% to $998.8 million at the time of reporting. 

DOGE/USD chart for 30 days. Source: Finbold

As such, this crypto analyst believes that the ongoing DOGE price correction, which began on August 22, 2026, to date, could be an opportunity for long-term investors.

Featured image via Shutterstock

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