Dogecoin whales have gone on a shopping spree, accumulating over 700 million DOGE in just 72 hours, despite the cryptocurrency's subdued price action. This massive stash is worth approximately $112 million at the current price of $0.16, signaling a significant show of confidence in the OG meme coin.

Dogecoin's recent performance has been a mixed bag, with a 17% monthly gain offset by a 4% decline over the past week and a 0.5% slip in the last 24 hours. However, whale buyers have taken advantage of this volatility, significantly increasing their holdings in the 100 million to 1 billion range since May 29. This accumulation trend coincides with a bearish trend reversal, making the current recovery trend worth noting, according to popular crypto analyst Ali Martinez.

The meme coin sector is abuzz with activity, with traders shifting their focus to legacy tokens like Dogecoin, Shiba Inu (SHIBA), and Pepe (PEPE). These tokens have gained significant attention, with double-digit gains ranging from 10% to 20%. SHIB and PEPE have even broken into the top 10 in Open Interest, indicating heightened trading activity and investor interest.

In the past two weeks, over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to crypto exchanges, suggesting increased trading activity and potentially indicating a trend of investors looking to capitalize on SHIB's recent price movements. This follows Shiba Inu's layer-2 scaling solution, Shibarium, achieving a significant milestone by processing over five million blocks since its launch in August last year. The network has also handled over 417 million transactions, with the number of wallet addresses exceeding 1.8 million.

Meanwhile, PEPE has been on a tear, gaining almost 130% over the past month. A whale made nearly $5 million in profit from the PEPE token within a month, achieving a 52% return on their initial investment as the token price briefly dropped over 17% from its all-time high. This whale deposited all 660.7 billion PEPE tokens, worth $9.52 million, into a Binance wallet, further fueling the meme coin frenzy.

As the market continues to evolve, it remains to be seen whether Dogecoin and its meme coin counterparts can sustain their momentum. One thing is certain, however - the whales are betting big on these tokens, and their accumulation trend is worth keeping a close eye on.