Dogecoin (DOGE-USD) has had an eventful week, with long traders seeing liquidations reach a staggering $11 million in the past 24 hours, according to CoinGlass. Long positions accounted for $9.9 million of that figure, highlighting significant losses as the memecoin struggled to hold its own. Despite this, some analysts believe DOGE could be gearing up for another parabolic rally.
Don’t miss our Christmas offers:
Analyst Predicts Historic Dogecoin Rally
Cryptocurrency strategist Ali Martinez told his 103,200 followers on X that Dogecoin’s recent performance reflects its past cycles of 2017 and 2021, where sharp corrections preceded meteoric rises. “In 2024, DOGE is up 440% and down 46%. If history repeats itself, another parabolic rally is on the way,” Martinez explained. If his prediction holds true, DOGE could rise above $1, fueled by bullish signals on the Tom DeMark Sequential Indicator (TD).
Elon Musk sparks excitement with Holiday Post
On Christmas Day, Tesla CEO and longtime Dogecoin supporter Elon Musk lit up social networks with a playful X post referencing the Baha Men’s hit song “Who Let the Dogs Out?” » Musk shared a festive photo of his dogs Gatsby, Marvin and Floki dressed in holiday outfits, captioned: “Who let the DOGE out? The light-hearted message quickly caught the attention of Dogecoin fans, injecting some optimism amid the market turmoil.
Whales are betting big on Dogecoin
In the meantime, whales quietly accumulate DOGEwith recent purchases totaling 270 million tokens worth $89.64 million, according to U.Today. These acquisitions suggest confidence in a potential rebound as DOGE consolidates around $0.32.
At the time of writing, Dogecoin stands at $0.3220.
