Dogecoin (DOGE), the popular and the world’s largest meme coin, seems more optimistic in this highly anticipated altcoin season. Experts and analysts believe that this bull run will start after the inauguration of Donald Trump’s administration, which is scheduled for January 20, 2025.
Crypto Whales Buy 1 Billion DOGE
In this long-awaited bull run, long-term holders, whales, and retailers appear to be heavily accumulating the DOGE meme coin, as a crypto expert on X (formerly Twitter) revealed. On January 7, 2024, the expert highlighted that whales have added a significant 1 billion DOGE in the last seven days.
This substantial accumulation in such a short time frame could create more buying pressure and lead to a further upward rally, as evidenced by the DOGE price. According to data from CoinMarketCap, the meme coin has witnessed a price gain of over 27% during the same accumulation period.
DOGE Price Momentum
At the time of writing, DOGE is trading around $0.39 and has experienced a price gain of over 2.50% in the past 24 hours. However, during the same period, investors and traders also increased their participation, resulting in a 12% increase in trading volume.
Besides DOGE, market sentiment appears to be bullish as major assets including Bitcoin (BTC) and Ethereum (ETH) have seen a strong rally, which could help the meme coin continue its rally.
Bullish on-chain metrics
This bullish market sentiment in the crypto market has attracted intraday traders, as reported by the on-chain analytics company Mint glass.
The increasing interest of traders
Currently, the DOGE open interest (OI) is up 40%, indicating that traders have increased their open positions by 40%, which is considered a positive sign in this bull run.
Meanwhile, some long-term holders appear to be dumping their investments as sentiment shifts. Spot inflow/outflow data shows that the exchanges have witnessed DOGE inflows worth over $18 million.
In the cryptocurrency landscape, inflows refer to the movement of assets from the wallets of long-term holders to exchanges, which has the potential to create selling pressure and a price drop. However, since accumulation is significantly higher, this may not lead to a price drop.
DOGE technical analysis and upcoming level
According to expert technical analysis, DOGE has been consolidating within a narrow range between $0.375 and $0.398 over the past three days.
Based on recent price action, if the meme coin breaks this pattern and closes a daily candle above the $0.40 level, there is a strong possibility that DOGE could rise 44% to reach the $0.57 mark in the future .
As of now, market sentiment is bullish with whales and traders showing strong interest and confidence in the meme coin. This could help DOGE break the narrow zone and achieve the predicted goal.
