Emily Walker
Dogecoin has experienced a significant rise in the volume of large transactions, surpassing Ethereum. This trend is indicative of a bullish sentiment surrounding the popular meme coin, suggesting that major investors, or “Whales,” are actively accumulating DOGE.
Significant Growth in Large Transactions for Dogecoin
According to data from IntoTheBlock, Dogecoin has seen a remarkable 41% increase in large transaction activity, with $23.35 billion exchanged in just 24 hours. In contrast, Ethereum recorded only $7.05 billion during the same timeframe, painting a promising picture for DOGE’s future.
A surge in large transactions generally indicates that substantial investors are stocking up on the cryptocurrency, which often leads to a price increase. Analyst Ali Martinez confirmed this trend, noting that Whales acquired over 300 million DOGE within a 24-hour period. Martinez has previously forecasted a bullish trajectory for Dogecoin, suggesting it could potentially increase by 6,770% if it continues along its current upward trend.
Martinez’s analysis indicated that Dogecoin’s price could rise to approximately $2.5 if it reaches the midpoint of its current trajectory, and could peak at around $29 if it hits the upper boundary. Additionally, trader Tardigrade has also pointed out that Dogecoin is positioned for a major breakout this month.
Tardigrade’s forecast suggests that Dogecoin might reach the significant $1 psychological barrier this month, potentially leading to a new all-time high (ATH). Charts from Tardigrade predict the possibility of DOGE climbing as high as $12 in the current market cycle.
DOGE Breaks Free from Descending Triangle Pattern
In another update, Trader Tardigrade shared that Dogecoin has successfully broken out from the descending triangle pattern, which may set the stage for a substantial upwards movement. His analysis suggests that DOGE could rebound to around $0.56 shortly.
A move to $0.56 could pave the way for DOGE to surpass its previous ATH of $0.74 this January. Furthermore, analyst Master Kenobi predicts that DOGE could potentially soar to $1.2 and even match Ethereum’s market capitalization, with a rally possibility up to $3.4.
Currently, Dogecoin is trading at approximately $0.33, reflecting an increase of over 8% within the last 24 hours, as per CoinMarketCap.