Dogecoin price remains stuck as whale accumulation continues

The Dogecoin price has consolidated in the past few weeks, even as on-chain data points to whale accumulation. At last check Sunday, Dogecoin ( DOGE ) was trading at $0.1743, a range it has remained stuck at in the past few days. This price is about 36% above the lowest level this year. On-chain data compiled by Santiment shows that large investors have continued to accumulate the coin. DOGE holders with between 1 million and 10 million coins have increased their holdings from 10.3 billion in March to 10.5 billion today, a 200 million increase. Similarly, larger holders with between 100 million and 1 billion coins have increased their positions from 23.4 billion in March to 25.52 billion. Whale accumulation, especially in a bear market, is seen as a positive catalyst for an asset. These whales have bought the coin, potentially anticipating a spot DOGE ETF approval by the Securities and Exchange Commission. The odds of that approval are high because Dogecoin is a proof-of-work cryptocurrency, and the agency is not concerned that it is a security. You might also like: 21Shares seeks SEC approval for spot Dogecoin ETF DOGE whale accumulation | Source: Santiment Dogecoin price has stalled for two main reasons. First, there are signs of a rotation from traditional memecoins to newer ones on the Solana ecosystem. Its sluggish performance happened as top Solana meme coins like Fartcoin ( FARTCOIN ) and Popcat ( POPCAT ) surged. Second, Elon Musk has hinted that he will scale back his work for the Department of Government Efficiency as the Tesla stock has crashed. Exiting the DOGE project will not have a direct impact on Dogecoin. However, it may hurt sentiment among investors. Dogecoin price technical analysis DOGE price chart | Source: crypto.news The daily chart reveals that the DOGE price has moved sideways in the past few weeks. It has formed a symmetrical triangle pattern whose two lines are about to converge. This triangle is happening after the coin crashed from $0.4815 in December. As such, there is a risk that it has formed a bearish pennant pattern. Therefore, the Dogecoin price may soon have a bearish breakdown, potentially to support at $0.10, which is down 43% from the current level. This bearish outlook will be invalidated if it moves above the 50% retracement level at $0.2796. Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. The two software engineers were reportedly inspired by the popular “Doge” meme featuring a Shiba Inu dog. The coin, formed using Litecoin’s codebase, has seen surges in popularity thanks in part to endorsements from Tesla CEO Elon Musk. Read more: Top 3 reasons Bitcoin price will soar to a new all-time high