u.today 
The largest recent wave of accumulation has been recorded on the Dogecoin ($DOGE) market as over 96 hours whales bought more than 525 million, according to data from Ali Martinez citing Santiment. Judging by the unique technical picture on the $DOGE chart, it can be assumed that this setup became the main trigger for such aggressive buying.
At the time of the news, $DOGE was locked in a classic squeeze directly near a powerful long-term trend line, the 200-day moving average, which runs around $0.117. Since the beginning of 2026, Dogecoin had been trading deep below this resistance.
Whales bought over 525 million Dogecoin $DOGE in the last 96 hours. pic.twitter.com/qrz36pIalX
— Ali Charts (@alicharts) May 22, 2026
However, the current chart structure shows that local lows have been rising, forming a strong support base. For large capital, the current convergence with the 200-day curve is the first real chance this year to reverse the global trend from bearish to bullish.
Such a price structure prompts the thought that whales are actively buying $DOGE from panic-selling retail holders before the main move begins.
On-chain surge vs. ETF silence
This optimism on-chain, however, contrasts starkly with complete calm in the traditional financial sector as U.S. spot Dogecoin ETFs have recorded zero activity over the same time span. The last inflow of $860,960 was seen back on May 18.
Total $DOGE Spot ETF Net Inflow since the beginning of May 2026, Source:
SoSoValue
The sobering background for this speculative squeeze also remains the coin's fundamental limitations, which its co-creator Billy Markus reminded the market of the day before. He once again mocked the retail crowd's expectations of seeing $DOGE reach a $20 trillion market capitalization, which would exceed the value of all the world's gold reserves.
For the current technical breakout to turn into a long-term trend, the meme coin still needs more than whale buying. Dogecoin needs integration into the real economy, which could come, for example, through the long-awaited launch of payments in Elon Musk's X Payments.
If the breakout above the 200-day moving average takes place, it could completely rewrite the rules of the game for $DOGE over the coming months. However, if whales fail to push through this key resistance, the coin risks remaining trapped within its current price cycles.
