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Dogecoin’s largest holders are becoming more active just as a widely followed analyst says $DOGE printed its third clear monthly bullish morning star pattern. The overlap matters because the signal is not only technical: Santiment’s on-chain data shows whale activity and whale balances rising at the same time as $DOGE rebounds from recent lows.
Santiment Intelligence said Dogecoin whales recorded their busiest day in six months, with 739 transfers worth at least $100,000 in a single 24-hour span. The firm also noted that the largest $DOGE wallets have continued to accumulate.
“On-chain data indicates that Dogecoin’s whales have just hit a 6-month high in activity, with 739 $100K+ transfers in just a 1-day span. Additionally, of the 149 whale wallets holding at least 100M Dogecoin, they now collectively hold an all-time high of 108.52B $DOGE (worth $11.6B). The memecoin’s +14% price rise over the past 10 days is very likely not just a coincidence.”
Dogecoin Monthly Chart Signals Possible Reversal
That on-chain backdrop coincides with Cantonese Cat’s monthly Dogecoin chart, which marks what the analyst described as “the third clear monthly bullish morning star pattern for $DOGE.”
A morning star is a three-candle reversal formation. In the $DOGE chart, the first candle is a red down candle (February), the second is a smaller candle (March) that reflects hesitation after the selloff, and the third is a green candle (April) that closes back above the midpoint of the first candle.
In crypto markets, where trading is continuous and traditional equity-style gaps are less clean, analysts often focus more on the structure: a sharp monthly decline, a compression or indecision candle, and then a strong recovery candle that shifts control back toward buyers.
Cantonese Cat’s $DOGE chart highlights two previous comparable monthly formations. The first appeared from September to November 2017, after Dogecoin consolidated after a major 2,000% rally and just before the token’s major run into the 2017–2018 cycle peak. The second appeared from September to November 2020, shortly before $DOGE broke into its historic 2021 rally.
The analyst also used Bitcoin as a reference point for why he views the pattern as relevant. In a separate BTC monthly chart, Cantonese Cat wrote that a bullish monthly morning star had “marked 3 out of 4 past cycle bottoms,” “2 very important local bottoms,” and produced “2 false signals,” giving it a stated success rate of 71.4% for Bitcoin.
That comparison does not guarantee the same outcome for $DOGE, but it frames the pattern as one he treats as historically meaningful across major crypto charts, and again, Bitcoin could be a leading indicator.
At press time, $DOGE traded at $0.10897.
