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Dogecoin whales have accumulated over 2 billion DOGE in the past week, the highest since January. This surge in whale activity has fueled speculation about a major price rally, with analysts eyeing a potential breakout to $0.2.
Whale Activity Sparks Optimism for Dogecoin Surge
Dogecoin whales have been buying like crazy recently, according to on-chain statistics from IntoTheBlock. The most recent crypto results are proof that this development has inspired hope in the meme coin market as a whole.
According to the most recent data from IntoTheBlock, Large DOGE holders have only added 2.07 billion coins in the past week. This shows that investors are becoming more comfortable with one of the leading meme coin companies. Statistics also suggest that this is the most valuable week for the coin since January of this year.
Market Confidence Boosted by Bitcoin ETF Launch
Importantly, per Coingape, investors had high hopes for the whole cryptocurrency industry throughout the first three months of the year. Market optimism has been boosted by the January debut of the US Spot Bitcoin ETF, which shows that Wall Street players are becoming more interested in the cryptocurrency sector.
A prominent cryptocurrency market expert recently expressed hope in a post on X, predicting that the price of the meme coin might surge over the $0.2 threshold. Analyzing the price of Dogecoin, Ali Martinez found a trend that could indicate a bull run in the meme coin's value. The chart of the cryptocurrency looks a lot like its breakout trajectory from before, as pointed out by Martinez.
Dogecoin Following Historical Price Patterns
Martinez brought attention to the fact that the cryptocurrency has historically followed a pattern where it would break out of a multi-year descending triangle, soar by 200%, and then retrace by 60% before rebounding. Martinez thinks the meme coin might be ready for its next big surge after a recent 65% decline.
The one-day trading volume of DOGE soared 103.1% to $700.54 million, while its price was up 1.69% at $0.112. In the past day, the cryptocurrency's price has ranged from $0.1095 to $0.1152. In addition, $554.1 million was an increase of roughly 5% in the DOGE Futures Open Interest.
Investors Watch for $0.2 Price Breakout
Recent research suggesting the cryptocurrency might surge toward $0.2 has added to the positive feeling in the market. Additionally, the whales' recent huge acquisitions show that the market is becoming more confident in the meme coin.
