Dogecoin (Doge), the popular and world’s largest meme coin, seems to be more optimistic in this highly anticipated altcoin season. Experts and analysts believe that this bull will begin after the inauguration of Donald Trump’s government, which is scheduled for January 20, 2025.
Crypto whales buy 1 billion doga
In this highly anticipated bull run, long-term holders, whales and retailers appear to be heavily accumulating the Doge Meme coin, as reported by crypto expert on X (formerly Twitter). On January 7, 2024, the expert highlighted that whales have added a significant 1 billion Great Dane in the last seven days.
Break: Whales have accumulated over 1 billion dollars in Great Dane in the last 7 days. pic.twitter.com/jkk9jqiohy
– CEO (@investments_ceo) January 6, 2025
This significant accumulation in such a short time frame can create more buying pressure and lead to further mitigation, as seen in the price of the Great Dane. During the same accumulation period, the meme coin witnessed a price increase of over 27%, according to data from CoinmarketCap.
Doge Price Immentum
At press time, Dog is trading around $0.39 and has seen a price gain of over 2.50% over the past 24 hours. However, over the same period, investors and traders also increased their participation, resulting in a 12% increase in trading volume.
Apart from Doge, market sentiment appears to be bullish as major assets including Bitcoin (BTC) and Ethereum (ETH) posted a strong rally that could help the meme coin continue its rally.
Bullish metrics on the chain
This bullish market sentiment in the crypto market has attracted day traders, according to analytics firm On-Chain Coinglass.
Growing Interest from Traders
Currently, Doge Open Intense (OI) has jumped 40%, indicating that traders have increased their open positions by 40%, which is considered a positive sign in this run.
Meanwhile, some long-term holders appear to be dumping their holdings as a change in sentiment. Data from spot inflow/outflow shows that exchanges witnessed inflows of over $18 million.
In the cryptocurrency landscape, inflows refer to the movement of assets from the wallets of long-term holders to exchanges, which can create selling pressure and lower prices. However, since accumulation is much higher, it may not lead to lower prices.
Doge technical analysis and upcoming level
According to expert technical analysis, Doge has consolidated in a tight range of $0.375 to $0.398 over the past three days.
Based on recent price action, if Meme Coin breaks this pattern and closes the daily candle above the $0.40 level, there is a strong possibility that Dog could skyrocket 44% to hit $0.57 in the future.
At the moment, market sentiment is bullish, with whales and traders showing a lot of interest and confidence in the meme coin. This can help Doge break the bottleneck and achieve the predicted target.
