Dogecoin has logged a double-digit rise over the past week, showing unusual strength among major cryptocurrencies.

On May 1, blockchain media outlet BeInCrypto reported that Dogecoin rose more than 11 percent over the period even as the broader market weakened. It climbed to its highest level in 10 weeks on April 30. Dogecoin was trading at $0.109 at the time of writing. It was up 2.4 percent on the day. Over the same period, the overall cryptocurrency market fell 0.7 percent, highlighting Dogecoin's relative strength.

Large holders are being cited ahead of short-term buying by retail investors as a backdrop to the rise. On-chain analytics firm Santiment said on X that Dogecoin whale activity increased to its highest level in six months. Transfers worth $100,000 or more totalled 739 in a day.

Holdings in large wallets also hit a record high. Some 149 wallets holding at least 100 million DOGE were found to hold a total of 108.52 billion DOGE. That is worth about $11.6 billion. It means a trend of supply being concentrated in large wallets and an increase in large transfers were confirmed at the same time.

Santiment noted that Dogecoin's 14 percent rise over the past 10 days in relation to recent price moves is unlikely to be a simple coincidence. With large transfers and rising holdings appearing together, it said the price increase is read as a sign closer to a structural change in supply and demand than a simple rebound in investor sentiment.

Dogecoin has emerged as one of the best-performing tokens recently among the top 100 cryptocurrencies by market capitalisation. While many tokens were falling, Dogecoin moved in the opposite direction. That has drawn attention as a case showing how much on-chain supply and demand shifts affect actual market moves, rather than short-term price swings.

In this phase, the key is that 2 indicators moved together. One is a surge in the number of large transfers of $100,000 or more. The other is that cumulative holdings in wallets holding at least 100 million DOGE reached an all-time high. Santiment also viewed the changes as potentially more structural than a simple overheating in sentiment.