An experienced on-chain analyst has reported a sudden surge in network activity for the popular meme token Dogecoin (DOGE).
Ali Martinez, an analyst with a significant following on X, suggests that institutional investors could be behind the recent increase in large transactions involving Dogecoin.
“The number of large Dogecoin transactions on the network continues to rise, indicating that institutional players and DOGE whales are positioning themselves for a potential upward movement.”
Just last week, Martinez highlighted that crypto whales had acquired over $100 million worth of DOGE in a single day.
“Dogecoin whales purchased over 1 billion DOGE in 24 hours, totaling approximately $108.7 million!”
With signs of life in Dogecoin, Martinez speculates that DOGE could be on the verge of repeating the significant rallies seen during the 2017 and 2020 cycles.
“History has a way of repeating itself, and Dogecoin might just be doing that.”
A familiar pattern emerges: breakout from a multi-year descending triangle, a 200% surge, a 60% retracement – followed by a bull run.
After a recent 65% pullback, DOGE could be gearing up for the next major rally!
Based on the analyst’s chart, it seems that Dogecoin could surpass its current all-time high of $0.7316 on its way to breaking the $2 mark.
As of the time of writing, DOGE is trading at $0.113, marking a more than 2% increase in the last 24 hours.
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Image Credit: Midjourney