TL;DR
- Dogecoin’s Surge: DOGE has registered a 25% gain in the past week, with a 134% increase since the beginning of 2024, potentially entering a parabolic bull run.
- Whale Activity: Significant transactions by previously dormant whale accounts have been a key driver of the recent price increase, with $280 million in DOGE purchased recently.
- Market Sentiment: The absence of FOMO sentiment and events like ‘Doge Day’ on April 20, along with the introduction of DOGE futures on Coinbase, are contributing to the positive trend.
Dogecoin (DOGE), the iconic meme-based cryptocurrency, has been on an impressive upward trajectory, registering a gain of over 25% in the previous week. As of now, DOGE has soared by 134% since the beginning of 2024.
Amidst curiosity about the factors propelling Dogecoin’s ascent and queries about its sustainability, on-chain analytics firm Santiment has attributed the robust momentum to significant whale transactions.
🐳 #Dogecoin is up another +10% today, and +29% this week. The top #memecoin by market cap (#8 market cap #crypto asset overall) is being powered by major dormant whales moving $DOGE back into circulation, and a lack of #FOMO that would normally form tops. https://t.co/KKxqe4SBCm pic.twitter.com/Mb8YF71iIq
— Santiment (@santimentfeed) March 31, 2024
The data reveals that a considerable number of dormant whale accounts have reactivated, injecting their DOGE holdings back into the market, which has contributed to the token’s price increase.
Furthermore, Santiment observed that the current upswing in DOGE’s value is not accompanied by the typical ‘fear of missing out’ (FOMO) sentiment that often signals impending market tops, suggesting that Dogecoin’s rally might have the legs to continue its climb.
The current trend of Dogecoin appears to reflect the chart pattern observed from 2018 to 2021, suggesting that it may be poised to enter a significant parabolic bull run. This perspective was highlighted by the esteemed cryptocurrency trading authority, Ali Martinez, in a recent post dated March 31.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
Dogecoin’s Value Milestone: Breaking Through the $0.20 Barrier
Currently, the famous memecoin is valued at $0.2097. A 1.20% increase today, it has gained 21.75% over the past week. In the last month, it has increased by 68.49%, and year-to-date, it has surged an impressive 173%.
For Dogecoin, breaking through the $0.20 mark before the month’s end was pivotal. Successfully, the cryptocurrency closed the month above $0.22. Present forecasts suggest that Dogecoin, often regarded as the most prominent Bitcoin spoof, could be gearing up for additional gains. Nonetheless, its prospective price trajectory will inevitably hinge on the overall market trends.
The surge in DOGE’s value may be attributed to several factors. Notably, the anticipation of ‘Doge Day’ on April 20 is generating excitement. Supporters plan to celebrate with promotional events aimed at increasing the cryptocurrency’s value. Additionally, the introduction of DOGE futures on Coinbase, a leading global cryptocurrency exchange and brokerage, could also be influencing its upward trend.
Another contributing factor to the rally might be the recent acquisition spree by Dogecoin ‘whales,’ who reportedly purchased a staggering $280 million in DOGE over a fortnight. This buying wave came just before we witnessed a significant uptick in its price after last week.
