Dogecoin has seen a huge increase in number Large transactionsBefore Ethereum. This provides a bullish outlook for the first meme coin as it indicates that whales are actively accumulating DOGE.
Dogecoin sees 41% spike in large transactions
Data inside TheBlock It shows that Dogecoin saw a 41% spike in large transactions, with $23.35 billion changing hands in the past 24 hours. This puts Dogecoin outperforms EthereumWhich recorded a decline in large transactions, as $7.05 billion was traded during this period. This development provides a bullish outlook for DOGE.
A spike in large transactions is usually bullish as it indicates that whales are actively accumulating the cryptocurrencies in question. This accumulation trend could send Dogecoin prices higher, considering the influence these investors have on the market. Cryptographic analyzer Ali Martinez He also confirmed that whales are actively accumulating DOGE.
In X’s post, Martinez mentioned that whales bought more than 300 million DOGE within 24 hours. It is worth noting that the analyst has already provided a bullish outlook for Dogecoin, predicting that the first meme coin will rise another 6,770% if it continues to follow the bullish parallel channel pattern.
The accompanying analyst chart showed that Dogecoin price could rise to around $2.5 if the meme coin reaches the middle of this ascending channel. Meanwhile, DOGE could rise as high as $29 if it reaches the top of this ascending channel. Cryptographic analyzer Slow growing trader He also recently highlighted an upward channel that showed that DOGE could see a price breakout this month.
Trader Tardigrade analysis shows that Dogecoin may finally reach the long-awaited psychological level of $1 this month, marking a new high. All time high (ATH) For a meme coin above all. The accompanying analyst chart also showed that DOGE could rise as high as $12 this market cycle.
DOGE breaks out of the descending triangle
In a more recent post on X, Trader Tardigrade revealed that Dogecoin has gone out of range Descending triangle At the bottom. He stated that this chart pattern could lead to a massive surge in DOGE next. The accompanying analyst chart showed that the first meme coin could enjoy a price recovery of up to $0.56 in the short term.
This potential rise in Dogecoin price to $0.56 could pave the way for the meme coin to rise to its current ATH. Cryptographic analyzer Master Kenobi I expected DOGE to reach $1.2 if it breaks the ATH of $0.74 in January this year. Interestingly, the analyst also raised the possibility of the meme coin rising to $3.4 and matching Ethereum’s current market cap.
At the time of writing, Dogecoin price is trading at around $0.33, up more than 8% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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