According to analyst Ali Martinez, cost-basis data shows roughly 28 billion DOGE previously changed hands around $0.098, turning that level into a major resistance cluster.
In plain terms: a huge amount of supply is sitting there, and breakouts through zones like that often need real demand to absorb the overhead.
The resistance ladder above $0.098
Martinez mapped the next walls clearly.
- Clear $0.098, and the next notable supply pocket sits near $0.11, where about 4.98 billion DOGE changed hands.
- Above that, $0.20 becomes the larger hurdle, backed by roughly 12 billion DOGE.
That sequence matters because it frames Dogecoin’s upside as a series of absorption tests rather than a straight meme pump. The first job is getting through the densest band. The rest only comes into play if that level is actually reclaimed and held.
Whales are not waiting for the breakout
The second piece of the setup is the flow.
Over the past 96 hours, Martinez said large entities bought more than 1.14 billion DOGE, worth about $112 million. That buying is happening into the resistance zone, not after a clean break.
In his framing, that looks like positioning for a bullish resolution rather than pure short-term flip activity.
Whether those whales are early or early-and-wrong is the market’s question. What the data shows is simpler: size is accumulating while price sits under a historically heavy cost-basis band.
Why this setup is getting attention
Memecoins usually trade on momentum and social heat. This read is more structural.
A 28-billion-coin resistance zone is a real supply problem. A nine-figure whale bid into that zone is a real demand signal. Put together, they create a cleaner story than “DOGE might pump because it’s DOGE.”
The bullish case is that large buyers keep absorbing supply until $0.098 gives way, opening $0.11 and then the much larger $0.20 area. The cautious case is that overhead supply wins, whale buys get trapped, and the ceiling holds.
For now, Dogecoin is doing the interesting thing: testing a massive wall with serious money still willing to lean into it.
