Dogecoin Price Stalls But Could Accumulating Whales Lead to Another DOGE Bull Rally?

18 hours ago 12

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

Donald Trump’s victory in the US presidential elections in early November resulted in immediate price gains for several crypto assets, including the largest meme coin. This is most likely because of Elon Musk’s role in the future administration, where he is expected to run a new Department of Government Efficiency (D.O.G.E) branch.

DOGE’s price nearly tripled in the first few weeks amid the massive growth in the transactions on the network. Moreover, the meme coin surpassed XRP at one point, but that all changed as the roles reversed.

While Ripple’s native token is exploring new heights not seen in over six years, DOGE has stalled to an extent and sits just over $0.4 after being rejected at $0.44 on a few occasions.

Nevertheless, Dogecoin whales seem unfazed by the lack of price action as of late. Data from Santiment, shared by popular analyst Ali, indicates that these large investment entities have accumulated another 160 million DOGE during the weekend alone.

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

— Ali (@ali_charts) December 2, 2024

Recall that the last time whales went on a shopping spree for DOGE, the asset’s price exploded in the next month or so.

Can DOGE Resume its Bull Run?

Many analysts continue to be bullish on DOGE, with some predicting a new all-time high around the corner. One of the recent forecasts from dogegod sees the asset skyrocketing to $2.2, which would be roughly three times higher than the current ATH reached back in 2021.

Javon_Marks had a similar target in mind. The strategist said Dogecoin is “in the midst of its 3rd Bull Cycle performance,” which could propel a massive surge of over 400%. In case such a rally transpires, it would place DOGE’s price at around $2.28.

$DOGE (Dogecoin) looks to be in midst of its 3rd Bull Cycle performance and based on prior cyclical displays in price, according to Fibonacci Extension, prices can be poised for a move to and above the 1.618 Fib Extension level, which is currently over 405% away at $2.28 pic.twitter.com/I6AgRead8Y