Dogecoin Price Eyes 20% Gains as Whales Return

Dogecoin (DOGE) has outperformed the broader crypto market over the past month, rising roughly 18% versus the market's 10% gain, driven by whale accumulation and a bullish chart setup. According to data from Santiment, Dogecoin wallets holding at least 100 million DOGE controlled a record 108.52 billion DOGE, worth roughly $11.6 billion, as of late April.

The accumulation coincided with DOGE's 23.50% price rebound, suggesting large holders helped support the move. Whale activity also spiked, with 739 Dogecoin transfers worth more than $100,000 recorded in a single day on April 28, the highest count in six months. This surge came alongside the launch of 1Shares' physically backed Dogecoin ETP on Xetra, Germany's leading electronic trading platform.

From a technical standpoint, the DOGE price has entered the breakout stage of a descending triangle pattern, which could signal a 20% upside to around $0.131. This move would push Dogecoin above the average acquisition cost of large DOGE wallets and clear DOGE's aggregate cost basis, potentially preceding an extended bullish phase. Conversely, a rejection near current levels could put DOGE at risk of revisiting its local low near $0.088 in May.

The potential breakout is supported by historical trends, where reclaiming cost-basis levels has preceded extended bullish phases. As the crypto market continues to evolve, the return of whales to Dogecoin could be a significant factor in determining the memecoin's rally chances in May. With the launch of new investment products, such as the physically backed Dogecoin ETP, and increased whale activity, DOGE is poised for a potential 20% gain.