Dogecoin Price Stagnates, But Could Whale Accumulation Lead to Another DOGE Bull Rally?

TL:DR;

• Dogecoin was one of the strongest performers in the first weeks after the US elections, but has lost momentum and is up a modest 10% over the past seven days.
• However, whales continue to accumulate meme coins, which could lead to additional gains in the near future.

Current Status of DOGE and Whale Buying

Donald Trump’s victory in the US presidential elections in early November led to an immediate rise in prices for several crypto assets, including the largest coin. This is likely due to Elon Musk’s role in the incoming administration, where he is expected to lead a new branch of the Department of Government Effectiveness (DOGE).

The price of DOGE almost triple in the first few weeks, amid massive growth in transactions on the network. Additionally, the meme coin surpassed XRP at one point, but everything changed as the roles overturned.

While Ripple’s native token is explore new heights Unseen in over six years, DOGE is to some extent stalled and sitting at just over $0.4 after being rejected at $0.44 on several occasions.

Nonetheless, Dogecoin whales appear unfazed by the lack of price action as of late. Data from Santiment, shared by popular analyst Ali, indicates that these large investment entities accumulated an additional 160 million DOGE over the weekend alone.

#Dogecoin whales bought another 160 million $DOGE during the weekend! pic.twitter.com/OACjFVIv9N

– Ali (@ali_charts) December 2, 2024

Remember that the last time whales made a shopping trip for DOGE, the price of the asset exploded over the next month or so.

Can DOGE resume its Bull Run?

Many analysts remain bullish on DOGE, with some predicting a new all-time high ahead. One of dogegod’s recent predictions see the asset climbs to $2.2, which would be around three times the current ATH reached in 2021.

Javon_Marks had a similar goal in mind. The strategist said Dogecoin is “in the middle of its third bull cycle performance,” which could cause a massive increase of over 400%. If such a rally occurs, it would put the price of DOGE at around $2.28.

$DOGE (Dogecoin) appears to be in the middle of its third bull cycle performance and based on previous cyclical price displays, according to Fibonacci Extension, prices may be ready for a move towards and above the Fib Extension level of 1.618, which is currently above 405%. at $2.28 ⚡️ pic.twitter.com/I6AgRead8Y

– JAVON⚡️BRANDS (@JavonTM1) December 1, 2024