As a seasoned analyst with over two decades of market experience under my belt, I have witnessed numerous trends and cycles come and go. The recent performance of Dogecoin (DOGE) has certainly piqued my interest, given its unique status as a meme coin and its meteoric rise following the US elections.
TL:DR;
- Dogecoin was one of the top performers in the first few weeks after the US elections but has lost its momentum and is a modest 10% up in the past seven days.
- However, whales continue to accumulate the meme coin, which could lead to further gains in the near future.
DOGE’s Current State and Whales Buying
The win by Donald Trump in the U.S. presidential election in November promptly led to price increases for various crypto assets, including the most prominent meme coin. This surge might be linked to the prospect of Elon Musk’s role within the new administration, where he is anticipated to manage a Department of Government Efficiency (D.O.G.E) division.
In just a few short weeks, the value of DOGE saw a nearly three-fold increase, largely due to an explosion in transaction activity on its network. At one stage, even outpacing Ripple (XRP) in terms of market value, but later events saw those positions swap.
Currently, Ripple’s native token is reaching unprecedented highs not witnessed in more than six years, whereas Dogecoin has experienced a plateau and is now slightly above $0.4, having been turned down at around $0.44 on several attempts.
As an analyst, I’ve observed a fascinating trend: despite the recent lull in Dogecoin’s price activity, the whales appear undisturbed. Intriguingly, according to data from Santiment, as reported by renowned analyst Ali, these substantial investors have amassed an additional 160 million DOGE over the weekend.
#Dogecoin whales bought an additional 160 million $DOGE during the weekend!
— Ali (@ali_charts) December 2, 2024
Remember this: The previous occasion when whales bought DOGE in large quantities led to a significant increase in its value over the following month or so.
Can DOGE Resume its Bull Run?
Several analysts remain optimistic about DOGE, suggesting a potential new record high may soon occur. One of the latest predictions by dogegod indicates the value could surge as high as $2.2, nearly tripling its previous all-time high achieved in 2021.
Javon_Marks shares a comparable goal: He believes Dogecoin is currently experiencing its third significant period of growth (Bull Cycle), potentially triggering a rise of approximately 400%. If this surge occurs, Dogecoin’s value could reach around $2.28.
Dogecoin (DOGE) seems to be in the middle of its third significant price increase, and if past cycles are any indication, prices could potentially surge beyond the 1.618 Fibonacci Extension level. This level currently stands around $2.28, which is approximately 405% higher than its current price.
— JAVONMARKS (@JavonTM1) December 1, 2024
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2024-12-03 16:33