The anomalous performance of Dogecoin ($DOGE) by May 2026 has finally received fundamental confirmation. According to fresh on-chain data from Santiment, the largest $DOGEholders have now shifted into a phase of strategic accumulation, recording a historical high in the volume of assets held.

At the moment, a group of the 149 largest addresses, each holding more than 100 million $DOGE, has accumulated 108.52 billion coins, which in monetary terms amounts to approximately $11.6 billion. In the last 24 hours alone, Santiment data recorded 739 transactions exceeding $100,000 each.

Why Dogecoin's top 149 wallets are loading up $DOGEnow

If earlier Dogecoin growth was associated with impulsive retail buying, then in May 2026 the picture looks different. A 16.5% price increase over the past 10 days and a confident hold above the psychological $0.1 level resembles the scenario of mid-2025, when after a period of consolidation the asset gained 65%, reaching a peak of $0.27.

If one tries to assign a narrative to $DOGE, it can be assumed that the market is pricing in integration into X Money and the effect of previously launched spot ETFs, which are however still far from Bitcoin-style numbers - total net assets in Dogecoin ETFs stand at $12.84 million, which is only 0.08% of $DOGEmarket capitalization.

In addition, the market is expecting the IPO of SpaceX in June, which is anticipated to become the largest IPO in history. There is speculation that SpaceX may begin accepting $DOGEas a regular payment method as they did with the $DOGE-1 lunar mission.

From a technical standpoint, record whale holdings indicate that large players view the current price not as an exit point, but as an attractive entry zone under conditions favorable for the coin. The fact that the majority of the supply - more than 108 billion $DOGE- is concentrated in the hands of large players reduces the likelihood of panic sell-offs typical for retail-driven coins, making the "foundation" at the $0.1 level appear significantly more stable.

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