Despite the ongoing price lull, Dogecoin whales have accumulated over 1 billion DOGE in the last 30 or so days sparking widespread speculation about a potential price surge.
According to popular crypto analyst Ali Martinez, the massive accumulation is a clear sign of renewed interest in the meme-based cryptocurrency.
“Whales have bought over 1 billion DOGE in the past month!” Martinez tweeted last Friday.
Notably, the single biggest buying spree occurred on April 15, when over 800 million DOGE was acquired within just 48 hours, marking a peak in whale activity for the 30-day period.
This level of accumulation has not been seen since January 19, when Martinez previously reported that 1.83 billion DOGE had been bought in another 48-hour span. The reemergence of such aggressive accumulation suggests that institutional or high-net-worth investors are once again turning their attention to Dogecoin.
Adding to the bullish narrative is a sharp increase in on-chain activity. Martinez noted that Dogecoin is experiencing a rise in active addresses, transaction volume, and overall whale activity, three indicators that historically precede a strong upward price move. On-chain data backs this up, with over 127,000 active addresses recorded, showing heightened user engagement with the network.
Market sentiment is further bolstered by rising futures open interest. According to analytics firm Glassnode, Dogecoin’s futures open interest has surged 63.9% in just one week, from $989 million to $1.62 billion, despite the asset pulling back from its recent highs. This decoupling between price and derivative activity signals that speculators are increasingly betting on an impending rally.
That said, popular crypto analyst Master Kenobi also weighed in, pointing to a 9-year price channel that DOGE has consistently obeyed. Kenobi expects Dogecoin to hit at least $1 by early June 2025, with a potential to reach $1.44 or even a stretch target of $2.10, depending on broader market conditions.
“I’m opting for a cautious exit point below the psychological $1 mark,” he said, citing profit-maximizing strategies.
Meanwhile, analyst Javon Marks predicts a minimum 215% price rally based on Dogecoin’s historical bull cycles. On Wednesday, the pundit pointed out that previous DOGE runs have often occurred around U.S. presidential inaugurations, with some cycles delivering gains as high as 30X to 80X. With the 2025 inauguration just months away, Marks sees this as a potential catalyst for renewed speculative interest.
In the short term, Bitcoinsensus analysts suggest that a bullish breakout is imminent, possibly within the next seven days. They highlight a trendline retest and double bottom pattern, with a near-term target of $0.42 to $0.43.
At press time, DOGE was trading at $0.16, reflecting a 1.18% drop in the past 24 hours.
