Dogecoin (DOGE), the world’s largest meme coin, is generating optimism among investors as the cryptocurrency market gears up for a highly anticipated altcoin season. Analysts suggest that this bullish phase could kick off following the inauguration of Donald Trump’s government on January 20, 2025.
Whales Accumulate Over 1 Billion DOGE
In a notable development, crypto whales have amassed a staggering 1 billion DOGE in just seven days, according to a crypto analyst on X (formerly Twitter). This accumulation aligns with a 27% price surge during the same period, as per CoinMarketCap data. Such substantial buying activity is expected to intensify demand and drive further price gains for DOGE.
BREAKING: Whales have accumulated over 1 BILLION $DOGE in the last 7 days. pic.twitter.com/Jkk9jqIOHy
— CEO (@Investments_CEO) January 6, 2025
DOGE Price Action and Trading Metrics
At the time of writing, DOGE is trading near $0.39, up by 2.5% in the past 24 hours. Trading volume has also risen by 12%, signaling heightened investor participation. This bullish momentum mirrors the broader market sentiment, with leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) also experiencing significant rallies.
Bullish On-Chain Metrics Fuel Optimism
Data from on-chain analytics firm Coinglass indicates a 40% increase in DOGE open interest (OI), highlighting growing trader activity. While some long-term holders are liquidating positions, as evidenced by $18 million worth of DOGE inflows to exchanges, the robust accumulation by whales suggests limited downside pressure.
Technical Outlook and Key Levels
DOGE has been consolidating between $0.375 and $0.398 for three days. Technical analysts predict that a decisive breakout above $0.40 could trigger a 44% rally, potentially pushing the price to $0.57.
Also Read: Dogecoin Soars with 21.5% Weekly Gain, Shibetoshi Nakamoto Hints at $2 Target, Calls for 500% Surge
As bullish sentiment prevails and major market players continue to back DOGE, the meme coin is well-positioned to capitalize on the altcoin season. Whales’ confidence and strong trading metrics reinforce its potential for a significant price surge in the near term.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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