Dogecoin (DOGE) is making headlines once again, and this time, it’s for all the right reasons. The meme coin, which has long been dismissed by some as a joke, has staged an incredible comeback, reaching $0.1125 despite a recent market downturn that saw many top cryptocurrencies falter. At press time, DOGE was up by an impressive 5% in the last 24 hours and had surged 11.5% over the past week. Even more striking is the 130% spike in its trading volume, with $881 million pouring into the market, signaling renewed investor interest.
Whale Activity – A Key Driver Behind DOGE’s Resurgence
The resurgence of DOGE is not just a stroke of luck; it’s backed by significant whale activity. According to data from IntoTheBlock, there has been a 50% increase in the number of investors holding over 10 billion DOGE in the past month. This accumulation during the market’s downturn suggests that large holders, often referred to as “whales,” are betting big on DOGE’s potential for future gains.
Further confirming this trend, data from Santiment reveals that a whale purchased over 60 million DOGE tokens in just 24 hours in July. Additionally, addresses holding between 10 million and 100 million DOGE bought a staggering 160 million DOGE in just 48 hours, pushing collective holdings to a yearly high of 10.5 billion DOGE tokens. With this level of buying pressure, many analysts expect DOGE’s price to continue its bullish surge, as these whale activities have yet to be fully reflected in the coin’s market value.
Bold Predictions But DOGE on the Path to Massive Gains?
The bullish sentiment around DOGE is further fueled by predictions from prominent crypto traders and analysts. Dimaports36, a well-known crypto trader, recently suggested that DOGE could reach as high as $10, with the potential to climb to $36. He bases this prediction on DOGE’s relatively low price compared to other top cryptocurrencies, making it more accessible to a broader audience and thus, ripe for significant gains.
Another popular analyst, known as Masked Trader, echoed this optimism. He pointed out that DOGE’s Moving Average Convergence Divergence (MACD) indicator is nearing a bullish crossover, a signal that often precedes substantial price increases. Analyzing a two-month chart, Masked Trader observed that DOGE’s price is tightening, indicating a potential breakout. He boldly predicted that DOGE could surge to between $20 and $50 once it clears the $1 resistance level.
The Four-Year Cycle While A Repeating Pattern?
Adding to the bullish chorus, analyst “Master Knobi” has pointed out a pattern that DOGE seems to repeat every four years, coinciding with Bitcoin’s halving events. He believes that with the influence of Tesla CEO Elon Musk—who has previously driven up DOGE’s price with his tweets—the meme coin could “eliminate the zero after the comma” and hit $6.9 in the next bullish cycle.
Also Read: Is $0.22 in Dogecoin’s Future? Technical Analysis Reveals Potential Price Targets
Javon Marks, another crypto analyst, supports this bullish outlook, pointing to DOGE’s Relative Strength Index (RSI), which hints at a breakout that could push the price to $0.6533—a potential 513% increase from its current level.
With whale activities at an all-time high and several analysts predicting explosive growth, DOGE seems poised for another historic run. While its meme origins may cause some to underestimate it, the numbers suggest that Dogecoin is more than just a passing trend. If these predictions hold, DOGE could soon be defying expectations once again, possibly reaching new all-time highs and proving that the underdog can indeed have its day.
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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