Dogecoin (DOGE) whales appear to be on an accumulation spree with no signs of slowing.

While the crypto markets have been subdued during the holiday season, one group of Dogecoin (DOGE) investors has remained particularly active: whales. Their increased activity may offer valuable insights into Dogecoin’s outlook for 2025.

Whales Bag 300M Dogecoin (DOGE)

Dogecoin whales are continuing their accumulation spree with no signs of slowing down. Data shows that while many were bidding farewell to 2024 and sending well wishes for the new year, these investors were busy scooping up massive amounts of the beloved meme coin.

In a post on X on Tuesday, crypto analyst Ali Martinez shared data from Santiment, which suggested that investors holding between 100 million and 1 billion DOGE added another 300 million tokens, worth approximately $94 million, on the day.

The recent whale purchases follow a similar accumulation of 270 million DOGE by whales holding between 10 million and 100 million coins, which took place just a week ago. Together, these actions suggest growing confidence in the asset’s prospects for 2025.

These votes of confidence potentially support theories of an imminent DOGE rally, as whale activity is known to influence price movements.

At the time of writing, however, DOGE continues to trade flat within the tight $0.30 to $0.33 range that it has remained in for most of the past two weeks.

Nonetheless, bulls remain optimistic about a potential rally to new highs in 2025, spurred by ambitious price predictions from several analysts.

For instance, Martinez has suggested that DOGE could surge to the $23 price point in the current market cycle, citing the asset’s price fractals.

However, this would require the meme coin to have a market capitalization in the trillions. For context, it currently has a market cap of only about $45.8 billion.