The recent massive Dogecoin whale accumulation has gained notable attention from investors, especially amid a surge in DOGE price. Besides, it also signals a potential breakout ahead for the leading meme coin’s price. Simultaneously, renowned market experts have also predicted that the crypto could soon hit the $0.2 mark, sparking further optimism in the market.
Dogecoin Whales Buying Frenzy Sparks Optimism
According to recent on-chain data by IntoTheBlock, Dogecoin whales have been in a buying frenzy recently. This development has sparked optimism in the broader meme coin sector, as evidenced by the latest crypto performances.
The latest IntoTheBlock data showed that Large DOGE holders accumulated 2.07 billion coins only in the last week. This reflects the growing confidence of investors in one of the top players in the meme coin sector. Also, the data showed that this marks the highest weekly accumulation of the coin since January this year.
Source: IntoTheBlock, X
Notably, the investors were optimistic about the broader crypto market in the initial quarters of the year. The US Spot Bitcoin ETF launch in January has fueled a broader market optimism, indicating the growing interest of the Wall Street players in the crypto sector.
DOGE Price To Hit $0.2?
In a recent X post, a renowned crypto market analyst predicts that meme coin’s price could soar past the $0.2 mark, sparking market optimism. According to the Dogecoin price analysis, Ali Martinez has identified a promising pattern in the meme coin’s price movement, hinting at a potential bull run. Notably, Martinez noted that the crypto’s chart resembles its past breakout trajectory.
Martinez highlighted a multi-year descending triangle breakout, followed by a 200% surge and 60% retracement, a pattern the crypto has historically followed before rallying. After a recent 65% pullback, Martinez believes the meme coin could be poised for its next significant upswing.
Source: Ali Martinez, X
As of writing, DOGE price was up 1.69% and exchanged hands at $0.112, while its one-day trading volume skyrocketed 103.1% to $700.54 million. The crypto has touched a high of $0.1152 and a low of $0.1095 in the last 24 hours. Furthermore, the DOGE Futures Open Interest rose nearly 5% to $554.1 million.
This bullish market sentiment, along with the recent analysis that hints at the crypto’s potential run toward $0.2 has fueled market optimism. Also, the recent massive accumulation by the whales has indicated growing market confidence in the meme coin.
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