“The 14% rise in DOGE’s price over the past 10 days is very likely not just a coincidence,” Santiment analysts concluded after analyzing the meme coin’s on-chain activity. Against the backdrop of a general market decline of 0.7%, Dogecoin demonstrated double-digit growth, reaching a ten-week high on Wednesday.

Moreover, the activity of the largest holders (“whales”) hit a six-month peak: 739 transfers of $100,000 or more were recorded in a single day. Currently, 149 wallets holding more than 100 million DOGE have concentrated a record 108.52 billion coins in their hands, worth approximately $11.6 billion.

As experts note, “This suggests that the current rally has a more fundamental structure than typical retail hype.” However, they also specified that further price support will largely depend on the whales’ willingness to continue accumulating and the general stabilization of sentiment in the crypto market.