Despite prices stabilizing, Dogecoin investors have accumulated over 1 billion DOGE in the past 30 days, raising speculation about a potential price spike.
According to renowned cryptocurrency analyst Ali Martinez, this large accumulation is a clear sign of renewed interest in this meme-based cryptocurrency.
“Whales have purchased over 1 billion DOGE in the past month!” Martinez tweeted last Friday.
Notably, the largest purchase occurred on April 15, when over 800 million DOGE were bought within just 48 hours, marking the peak of whale activity during the 30-day period.
This level of accumulation has not been seen since January 19, when Martinez previously reported that 1.83 billion DOGE were purchased in another 48-hour period. The re-emergence of such strong accumulation suggests that institutional investors or high-net-worth individuals are once again shifting their attention to Dogecoin.
Adding to the bullish narrative is a significant increase in on-chain activity. Martinez noted that Dogecoin is experiencing a rise in active addresses, trading volume, and overall whale activity, three indicators that historically precede a strong bullish move. On-chain data supports this, with over 127,000 active addresses recorded, indicating higher user engagement with the network.
Market sentiment has been further bolstered by the increase in open interest. According to analytics firm Glassnode, Dogecoin's open interest has increased by 63.9% in just one week, from $989 million to $1.62 billion, despite the asset declining from recent highs. The divergence between price and this derivative activity signals that speculators are increasingly betting on an upcoming price surge.
However, renowned cryptocurrency analyst Master Kenobi also considered, pointing out the 9-year price channel that DOGE has consistently adhered to. Kenobi expects Dogecoin to reach at least $1 by early June 2025, with the potential to hit $1.44 or even an extended target of $2.10, depending on broader market conditions.
He stated, "I am cautiously selecting an exit point below the psychological $1 level," while citing strategies to maximize profits.
Meanwhile, analyst Javon Marks predicts a minimum price increase of 215% based on Dogecoin's historical bullish cycles. On Wednesday, this expert pointed out that previous DOGE rallies often occurred around the time of the U.S. presidential inauguration, with some cycles yielding increases as high as 30X to 80X. With the 2025 inauguration just a few months away, Marks sees this as a potential catalyst for renewed speculative interest.
In the short term, analysts at Bitcoinsensus believe that a bullish breakout is imminent, possibly within the next seven days. They emphasize a retest of the trendline and a double bottom pattern, with a short-term target of $0.42 to $0.43. At the time of the press release, DOGE was trading at $0.16, reflecting a 1.18% decline in the past 24 hours. $USDC
