Large Dogecoin investors have been increasing their positions over the last four weeks, indicating potential for a breakout.
Whales holding between 100 million and 1 billion DOGE have accumulated about 1.4 billion DOGE, worth over $300 million, despite the token's price rally.
Network activity has surged, with daily active addresses reaching peaks of over 680,000 and transaction volume in US dollars spiking as well.
DOGE is facing a key resistance at the $0.24-$0.26 level, with potential for a new bull run if it can break above $0.2600 or a drop back toward the mid-$0.1700 area.