Dogecoin (DOGE), the popular and largest meme coin in the world, is looking more bullish in this highly anticipated altcoin season. Experts and analysts believe that this upward trend will begin after the inauguration of Donald Trump’s government, scheduled for January 20, 2025.
Crypto whales buy 1 billion DOGE
In this highly anticipated bull run, long-term holders, whales, and retailers appear to be heavily accumulating the DOGE meme coin, as revealed by a crypto expert on X (formerly Twitter). On January 7, 2024, the expert highlighted that whales added 1 billion DOGE in the last seven days.
This substantial accumulation in such a short time frame can create more buying pressure and lead to further upside, as observed in the DOGE price. According to data from CoinMarketCap, during the same accumulation period, the meme coin saw a price increase of over 27%.
DOGE price momentum
At press time, DOGE is trading near $0.39 and has seen a price increase of over 2.50% in the last 24 hours. However, during the same period, investors and traders also increased their participation, leading to a 12% increase in trading volume.
Besides DOGE, market sentiment appears bullish as major assets including Bitcoin (BTC) and Ethereum (ETH) have shown strong recovery, which could help the meme coin continue its rally.
On-chain bullish metrics
This bullish crypto market sentiment has attracted intraday traders, as reported by the on-chain analytics firm. coin mechanism.
Growing interest from traders
Currently, DOGE open interest (OI) has surged by 40%, indicating that traders have increased their open positions by 40%, which is considered a positive sign in this bull run.
Meanwhile, some long-term holders appear to abandon their holdings as sentiment changes. Spot inflow/outflow data reveals that exchanges experienced an influx of DOGE worth over $18 million.
In the cryptocurrency landscape, inflow refers to the movement of assets from long-term holders’ wallets to exchanges, which can potentially create selling pressure and a decline in prices. However, since the accumulation is significantly higher, it cannot lead to a fall in prices.
DOGE technical analysis and upcoming level
According to expert technical analysis, DOGE has been consolidating in a tight range between $0.375 and $0.398 over the past three days.
Based on recent price action, if the meme coin breaks this trend and closes a daily candle above the $0.40 level, there is a high chance that DOGE will surge 44% to reach the mark $0.57 in the future.
For now, market sentiment is optimistic, with whales and traders showing strong interest and confidence in the meme. This could help DOGE break through the tight zone and achieve its intended goal.