Dogecoin

Rally

bullish

Billion

TL;DR
<ul>
 <li>Large investors recently bought billions of DOGE tokens, signaling potential bullish momentum.</li>
 <li>Analysts foresee a possible rally, with some setting a $1 target for the meme coin.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-10-doge_cb-6-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/DOGE_CB-6.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="doge-whales-on-the-move">DOGE Whales on the Move</h2>
Dogecoin (DOGE) was one of the many meme coins whose prices increased substantially at the end of September. Since then, though, it has lost momentum and currently trades at around $0.10 (per Coingecko’s data).
<figure id="attachment_364956" aria-describedby="caption-attachment-364956" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-364956" src="https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price.png" alt="DOGE Price" width="585" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price.png 843w, https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price-300x205.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price-768x525.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/DOGE-Price-50x34.png 50w" sizes="(max-width: 585px) 100vw, 585px"></a>
 <figcaption id="caption-attachment-364956" class="wp-caption-text">
 DOGE Price, Source: CoinGecko
 </figcaption>
</figure>
One factor signaling that a renewed surge could be on the horizon is the increased whale activity. Crypto intelligence platform IntoTheBlock <a class="editor-rtfLink" href="https://x.com/intotheblock/status/1843231117803237618" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">revealed</a> that large investors purchased 2.07 billion DOGE tokens (worth over $220 million at current rates) last week. The last time the whales’ accumulation reached that level was in January this year.&nbsp;
If investors buy DOGE and hold onto their stash without selling, the circulating supply in the market will be reduced. Basic economic principles suggest that prices rise if combined with a stable or increasing demand.
The actions of whales are closely monitored by smaller players. Such accumulations can signal confidence in the asset, triggering a wave of buy-ins from retail trader (hence an additional flow of capital into the ecosystem).
Another element suggesting that DOGE’s price might be poised for a move to the upside is the increase of Large Transactions. The metric, gauging transactions greater than $100,000, is up 1% on a daily scale, <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/DOGE" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">flashing</a> the bullish sign.&nbsp;
<h2 id="span-data-preserver-spaces-true-doge-predictions-span">DOGE Predictions</h2>
Several analysts on crypto X believe the leading meme coin could be indeed gearing up for a rally in the following months. Ali Martinez, for instance, claimed the price chart had formed a similar pattern to the one witnessed years ago. He <a class="editor-rtfLink" href="https://x.com/ali_charts/status/1842985818430062993" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">believes</a> this could be a precursor of a 200% surge, 60% retracement, and then a bull run.
Mikybull Crypto was optimistic, too, <a class="editor-rtfLink" href="https://x.com/MikybullCrypto/status/1842890860196696339" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">setting</a> $1 as a “minimum target” for this cycle. “It’s currently in preparation for the next explosive wave of rallies,” they added.
Those willing to check additional bullish Dogecoin price predictions can take a look at our dedicated article <a class="editor-rtfLink" href="https://cryptopotato.com/dogecoin-price-predictions-is-doge-gearing-up-for-a-massive-rally/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">here</a>.
The post <a href="https://cryptopotato.com/dogecoin-whales-bought-over-2-billion-doge-last-week-price-rally-in-the-making/" rel="noopener noreferrer nofollow">Dogecoin Whales Bought Over 2 Billion DOGE Last Week: Price Rally in the Making?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Dogecoin Whales Bought Over 2 Billion DOGE Last Week: Price Rally in the Making?

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