Dogecoin has witnessed an explosive increase in the number of large transactions, ahead of Ethereum. This provides a bullish outlook for the foremost meme coin as it suggests that Whales are actively accumulating DOGE.
Dogecoin Sees 41% Surge In Large Transactions
IntoTheBlock data shows that Dogecoin has witnessed a 41% surge in large transactions, with $23.35 billion traded in the last 24 hours. This puts Dogecoin ahead of Ethereum, which recorded a drop in large transactions, with $7.05 billion traded during this period. This development presents a bullish outlook for DOGE.
A surge in large transactions is typically bullish as it suggests that Whales are actively accumulating the crypto in question. This accumulation trend could lead to a Dogecoin price surge, considering the impact that these investors have on the market. Crypto analyst Ali Martinez also confirmed that Whales are actively accumulating DOGE.
In an X post, Martinez stated Whales bought over 300 million DOGE in 24 hours. It is worth mentioning that the analyst had already provided a bullish outlook for Dogecoin, predicting that the foremost meme coin could rally by another 6,770% if it continues to follow the ascending parallel channel pattern.
The analyst’s accompanying chart showed that the Dogecoin price could rally to around $2.5 if the meme coin reaches the middle of this ascending channel. Meanwhile, DOGE could rally to as high as $29 if it reaches the top of this ascending channel. Crypto analyst Trader Tardigrade also recently highlighted an ascending channel that showed that DOGE could witness a price breakout this month.
Trader Tardigrade’s analysis showed that Dogecoin could finally reach the much-anticipated $1 psychological level this month, marking a new all-time high (ATH) for the foremost meme coin. The analyst’s accompanying chart also showed that DOGE could rally to as high as $12 in this market cycle.
DOGE Breaks Breaks Out Of Descending Triangle
In a more recent X post, Trader Tardigrade revealed that Dogecoin has broken out of the descending triangle at the bottom. He stated that this chart pattern could lead to an explosive surge for DOGE afterward. The analyst’s accompanying chart showed that the foremost meme coin could enjoy a price rebound to as high as $0.56 in the short term.
This potential Dogecoin price rebound to $0.56 could pave the wave for the meme coin to rally to its current ATH. Crypto analyst Master Kenobi predicted that DOGE could reach $1.2 if it breaks its ATH of $0.74 this January. Interestingly, the analyst also raised the possibility of the meme coin rallying to $3.4 and matching Ethereum’s current market capitalization.
At the time of writing, the Dogecoin price is trading at around $0.33, up over 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
