Dogecoin (DOGE), renowned as the largest meme coin in the world, is capturing attention with an optimistic outlook as the altcoin season unfolds. Financial experts and analysts are predicting a bullish trend that is anticipated to gain momentum following the start of Donald Trump’s administration, which is expected to commence on January 20, 2025. This shift in political landscape is fueling market speculation and interest in meme coins like DOGE.
Crypto Whales Buy 1 Billion DOGE
As the altcoin season heats up, major players in the crypto market such as long-term holders, whales, and retail investors are showing a keen interest in accumulating DOGE. A prominent crypto analyst on X (formerly known as Twitter) highlighted that whales have amassed an impressive 1 billion DOGE within a week’s time frame as of January 7, 2024. Such significant accumulation acts as a catalyst, generating buying pressure and potentially triggering a price surge in DOGE.
CoinMarketCap’s data corroborates this development, revealing that during this period of accumulation, DOGE experienced a remarkable price increase exceeding 27%. This surge underscores the growing confidence in DOGE as an investment, with whales playing a pivotal role in driving demand.
DOGE Price Momentum
Currently, DOGE is trading around $0.39, reflecting an increase of over 2.50% in the last 24 hours. This uptick is accompanied by a 12% rise in trading volume as both investors and traders enhance their engagement with the asset. The bullish sentiment isn’t isolated to DOGE; major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also witnessing strong rallies, which could further bolster DOGE’s upward trajectory.
Bullish On-Chain Metrics
The positive market sentiment permeating the crypto landscape has piqued the interest of intraday traders, as highlighted by on-chain analytics firm Coinglass. Their analysis presents a picture of growing enthusiasm within the market, drawing more participants into trading activity.
Traders’ Rising Interest
At present, DOGE’s open interest (OI) has surged by 40%, indicating a significant increase in traders’ open positions. This rise is interpreted as a favorable indicator during this bull run. Despite some long-term holders opting to liquidate their positions due to shifting sentiment, the overall accumulation remains robust. Data on spot inflow/outflow indicates exchanges have recorded an inflow exceeding $18 million worth of DOGE, which traditionally could signal selling pressure. However, the current accumulation rates suggest price stability is likely to be maintained.
DOGE Technical Analysis and Upcoming Levels
Technical analysis from experts suggests that DOGE has been in a consolidation phase, fluctuating within a narrow range of $0.375 to $0.398 over the past few days. Observations from TradingView indicate that if DOGE breaks out of this pattern and manages to close a daily candle above the $0.40 threshold, there is a potential for DOGE to ascend by 44%, potentially reaching the $0.57 mark in the near future.
The prevailing bullish sentiment, coupled with the strong interest and confidence from whales and traders alike, positions DOGE favorably to surpass the current consolidation zone and achieve the anticipated price target. As market dynamics continue to evolve, DOGE remains a focal point for both seasoned investors and newcomers in the cryptocurrency space.
