The recent spike in Dogecoin price, fueled by massive whale accumulation and bullish on-chain metrics, suggests a potential DOGE rally to $0.2 or higher.
The recent spike in Dogecoin price, marked by a double-digit weekly increase, has captured investor attention. Massive whale transactions and on-chain metrics suggest a potential further rally for the dog-themed crypto.
Having said that, a flurry of market pundits now expects the crypto to soar past the $0.2 mark, with significant whale accumulation and rising market interest.
Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment
The crypto world is buzzing with excitement as DOGE whale activity surged recently. According to Whale Alert, a DOGE whale has accumulated 800 million coins in two transactions from Robinhood. The whale, identified by the wallet address “DEgDV….1pMke,” has amassed 400 million coins each in two transactions, totaling $101 million.
Meanwhile, this significant accumulation highlights growing market confidence in the meme coins sector. Notably, amid this surge, 75% of DOGE holders are now in profit. Data from IntoTheBlock indicates a bullish outlook, suggesting a potential rally ahead.
In addition, large holders now account for 62% of DOGE supply. Long-term holders represent 67% of this group, reflecting a strong belief in the crypto’s future. Additionally, Dogecoin recently hit a milestone of 90 million addresses, indicating increased adoption and market interest.
Will Dogecoin Price Hit $0.2?
A recent analysis from CoinGape Media showed that DOGE faces key resistance at $0.128. Breaking this trendline could push its price to $0.174, and if this level is surpassed, Dogecoin could reach $0.228.
The dog-themed cryptocurrency’s recent performance and whale accumulation signal a promising future. With increased market interest and bullish on-chain metrics, the crypto could be poised for a significant rally.
During writing, DOGE price was up over 6% and traded at $0.1264, with its trading volume soaring 26% to $798.28 million. Notably, the crypto has touched a 24-hour high of $0.1295, while noting a weekly gain of 15%.
In addition, CoinGlass data showed that the DOGE Futures Open Interest (OI) soared about 12% to $626 million, echoing the bullish sentiment hovering in the market.
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