The Dogecoin network saw a significant surge in activity following the inauguration of US President Donald Trump. Although this Burst of activity Regarding the industry as a whole, on-chain data has revealed interesting dynamics among Dogecoin holders. These developments were brought into focus by crypto analyst Ali Martinez, who used data from analytics platform Santiment to highlight a notable increase in high-value transactions on the Dogecoin network. According to MartinezDogecoin recorded an impressive 588 transactions worth more than $1 million in the last 24 hours.
Dogecoin has renewed interest in million-dollar transactions
The recent surge in large-scale Dogecoin transactions suggests this Possibility of a significant upswingas this activity typically indicates a liquidity bottom that triggers upward momentum. Historically, an increase in high-quality transactions is associated with renewed investor confidence, particularly when market sentiment shifts towards bullish trends.
In the case of Dogecoin, the transactions in question are not only large but also exceptionally significant, with each transaction amounting to more than $1 million. What makes this increase even more compelling is that it coincides with the optimistic mood surrounding Donald Trump’s inauguration. Therefore, the current surge in transactions seems to indicate accumulation rather than sell-offs or profit-taking.
The entire crypto market is currently in a bullish phase, with smart money entering the market early in anticipation of a pro-crypto environment under the new Donald Trump administration. This lends additional credence to the idea that these transactions could be accumulations rather than selloffs. Although some of the activity includes sell-offs, the prevailing bullish sentiment suggests that such events could be short-lived and quickly absorbed by the market’s positive momentum.
Dogecoin is is gaining momentum on social mediawhich brought in over 500,000 mentions on Platform X in the last 24 hours. This is due to the newly created Department of Government Efficiency, which shares the same acronym as the Dogecoin ticker (DOGE), and has contributed to great excitement. Increased social media visibility often leads to greater retail participation, which along with whale activity could have a combined effect and drive up the price.
DOGE price analysis: A new multi-year bullish pattern
In another technical analysisMartinez noted that DOGE is trading within several years ascending parallel channel on weekly candlestick time frame. The ongoing bull market gained momentum after Dogecoin bounced off the channel’s lower trendline in late 2023, and the meme coin has been trading in an upward direction ever since. The sustained rise along this channel suggests that DOGE could maintain its uptrend for an extended period of time.
As a price target, the chart pattern predicts a bullish target of $15 at the upper trend line of the ascending parallel channel. At the time of writingDOGE is trading at $0.343, meaning reaching this target would be challenging extraordinary increase of 4,273% from its current price level.
Featured image from Unsplash, chart from Tradingview.com