Dogecoin has seen an explosive increase in numbers large transactionsbefore Ethereum. This offers a bullish outlook for the leading meme coin as it suggests whales are actively accumulating DOGE.
Dogecoin sees a 41% increase in large transactions
IntoTheBlock data shows that Dogecoin saw a 41% increase in large transactions, with $23.35 billion traded in the last 24 hours. That brings Dogecoin ahead of Ethereumwhich saw a decline in large transactions, with $7.05 billion traded during the period. This development represents an optimistic outlook for DOGE.
An increase in large transactions is typically bullish as it indicates that whales are actively accumulating the cryptocurrency in question. This accumulation trend could lead to an increase in the price of Dogecoin given the impact these investors have on the market. Crypto analyst Ali Martínez also confirmed that whales are actively accumulating DOGE.
In an X post, Martinez explained that whales purchased over 300 million DOGE in 24 hours. It is worth noting that the analyst had already given a bullish outlook for Dogecoin, predicting that the leading meme coin could rise by another 6,770% if it continues to follow the ascending parallel channel pattern.
The analyst’s accompanying chart showed that Dogecoin price could rise to around $2.5 if the meme coin reaches the middle of this ascending channel. Meanwhile, DOGE could rise as high as $29 if it reaches the top of this ascending channel. Crypto analyst Trader Tardigrade Additionally, an ascending channel was recently highlighted that showed DOGE could see a price breakout this month.
Analysis by trader Tardigrade showed that Dogecoin could finally reach the highly anticipated psychological level of $1 this month, marking a new level All-time high (ATH) for the most important meme coin. The analyst’s accompanying chart also showed that DOGE could rise as high as $12 in this market cycle.
DOGE breaks out of the descending triangle
In a recent X post, trader Tardigrade revealed that Dogecoin has emerged from the crisis descending triangle at the bottom. He explained that this chart pattern could lead to an explosive rise in DOGE later. The analyst’s accompanying chart showed that the price of the main meme coin could rise to as high as $0.56 in the short term.
This potential recovery in Dogecoin price to $0.56 could lay the groundwork for the meme coin to rise back to its current ATH. Crypto analyst Master Kenobi predicted that DOGE could reach $1.2 if it breaks its ATH of $0.74 in January. Interestingly, the analyst also mentioned the possibility that the meme coin could rise to $3.4, matching Ethereum’s current market cap.
At the time of writing, Dogecoin price is trading at around $0.33, up over 8% in the last 24 hours Data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com