Dogecoin News Today: Dogecoin Surges 24% as Whales Accumulate 1.08 Billion Tokens

Dogecoin has recently garnered significant attention from large holders, with 1.08 billion DOGE purchased in a short period. This substantial accumulation coincided with a sharp rise in Dogecoin's price, which surpassed $0.24, sparking speculation about its next upward movement.

Analyst Ali Martinez revealed that recent on-chain data indicated an increase in DOGE whale activity. Addresses holding between 100 million to 1 billion DOGE have accumulated over 1.08 billion tokens in the last two days. This accumulation correlated with the price increase to over $0.24, suggesting a potential link between large holder activity and bullish market trends. Historically, sharp increases in whale holdings have preceded short-to-medium-term rallies in the cryptocurrency market. The trend of these large holders suggests positioning for a potential continuation of the trend, with many of these addresses being long-term holders or institutional wallets. The outflow of more than a billion DOGE to these entities might indicate an anticipation of an upcoming rally.

According to chart analysis by Crypto Yoddha, Dogecoin's price has been trading in an upward inclined parallel channel since the beginning of 2023. This framework shows a pattern of increasing lows and higher highs, indicating a continuous bull market formation. The latest bounce occurred at the middle of the channel, slightly above the $0.15 area, further strengthening the channel and providing a technical basis for additional gains. This rebound, accompanied by bullish weekly candles and increased volumes, indicates that the trendline support was active. The pattern offers a price action roadmap, with the channel upper limit indicating a direction above $0.80. As long as Dogecoin remains above this midline, its technical outlook remains bullish.

Crypto Yoddha noted that the current trend may support a price expansion toward $1, provided Dogecoin maintains its upward momentum and trendline structure. The meme coin must trade above the long-term support line and respect the wider bullish channel. The price action may then extend upward to historical resistance areas, such as the $0.30 to $0.36 range, followed by a slow ascent to the psychological level of $1. The last all-time high of Dogecoin was achieved in the 2021 cycle when it briefly exceeded $0.70. The present arrangement has a structural resemblance to repeated retests of rising support lines and consolidations culminating in higher breakouts. However, the road to $1 would likely involve sustained interest in prices, maintenance of bullish technical trends, and investor sentiment.

Trader Tardigrade suggested that Dogecoin's price could break out in 2025 due to the annual candle structure. He shared a chart showing bullish advances in 2017 and 2021, each on a multi-year rounded bottom. The present price pattern resembles earlier cycles, which could establish a similar vertical trend through 2025. The analyst emphasized a 4-year cycle of consolidations followed by an annual rally. Bullish breakout years were indicated by green arrows, and the one currently projected would be in 2025. Should this momentum continue, Dogecoin's price could be in the beginning stages of a new multi-fold rally, potentially seeing prices rise beyond past all-time highs.