Big Dogecoin (DOGE) holders are buying the dip, and experts say it’s not just about chasing headlines. In recent times, large holders of DOGE have been accumulating the memecoin despite the market correction. Crypto analysts and experts state that the recent acquisitions by large Dogecoin holders are more than just headlines.
The headline? Last week, a Trump family-backed cryptocurrency treasury firm, Thumzup Media, announced its plan to acquire Dogecoin mining firm Dogehash.
The press release of the deal read:
“Under the terms of the agreement, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup stock, and the company will be renamed Dogehash Technologies Holdings, Inc. and trade on the Nasdaq Stock Market under the new symbol XDOG.”
The red line on the chart above shows the 50-day moving average of the daily active DOGE addresses. The orange bar at the bottom shows the daily active users. The daily active addresses almost touched the 50-day MA—a bullish sign indicating intense buying pressure.
So, what could be driving DOGE whales into a buying frenzy?
One factor could be the OP_CHECKZKP upgrade proposal. OP_CHECKZKP is a new opcode (a command in Dogecoin’s scripting language) proposed in late July. It lets Dogecoin transactions verify Zero-Knowledge Proofs (ZKPs) directly inside the blockchain. This means you can prove ownership or compliance with rules without revealing extra data—and much faster. Whales may be expecting DOGE to spike after this upgrade goes through.
Dogecoin’s Price Today
At the time of publication, DOGE is trading at $0.21, down more than 3.5% over the past week. It remains below the weekly opening price of $0.22 as the market searches for a bottom.
As shown in the chart above, DOGE is currently trading inside a symmetrical triangle. It has been rebounding off both the upper and lower trendlines and may continue to do so until the pattern completes. When a breakout occurs, DOGE could move either upward or downward, as symmetrical triangles do not predict a fixed direction. However, given the overall bullish market, neutral indicators, and the fact that DOGE is trading above the 50-day EMA, a breakout to the upside is more likely—potentially pushing DOGE above $0.26.
