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The recent gains come amid increased whale activity. According to IntoTheBlock, large Dogecoin addresses accumulated over 2.10 billion DOGE tokens last week, marking the highest level of accumulation from these large addresses since January.
A spike in interest in whales is generally bullish for the price as it shows positive sentiment towards Dogecoin. According to market analyst Ali_Charts, Dogecoin could follow past price action, which could position it for a strong rise.
Over the past few years, DOGE has often followed a cyclical pattern. After leaving a descending bearish triangle pattern, the price rises 200%, after which it corrects before entering an official bull season.
 
“History often repeats itself, and Dogecoin could do just that… After a recent 65% pullback, DOGE could be gearing up for the next big rally,” the analyst said.
Dogecoin was trading at $0.1468 at press time after a slight gain of 1% in 24 hours. The bullish sentiment around DOGE comes amid a surge in meme coin prices.
Is meme coin season back?
The meme coin sector has outperformed the broader cryptocurrency market over the past 24 hours after climbing more than 7%. Ethereum-based meme coins Shiba Inu (SHIB) and PEPE (PEPE) rose approximately 2% and 8% in 72 hours.
Solana-based meme coins were the best performers after seeing a 14% gain in value.
The hype around SOL-based memecoins also saw FLOKI lose its position as the sixth-largest coin to Popcat (POPCAT), which also runs on Solana. Over the past seven days, POPCAT has gained around 50%.
The hype around meme coins has sparked discussions about their intrinsic value. This comes after Ethereum co-founder Vitalik Buterin. following donating coins to charities claiming they can have a positive societal impact.
“I’ve said before that I think the best thing for meme coins is that they can have maximum positive sum for the world, so it’s great to see moments where that’s actually happening!” » said Buterin.
Also Ki Young Ju from CryptoQuant declared that the most “realistic path” because the meme coins were so they could be used to solve social problems.