Dogecoin surged 8% in the past 24 hours, reaching $0.223 as whale activity increased and momentum rose across the meme coin space.
DOGE has now increased by 8.5% this week, 30% in the past month, and surged 123% in the past year, indicating strong long-term strength continues to exceed expectations.
Technical analysis suggests that DOGE may be in the early stages of a major breakout, with the potential to rise to new all-time highs as optimism floods the market.
With the broader cryptocurrency price increase happening rapidly and Dogecoin still leading the cryptocurrency trend, this context suggests that Dogecoin price predictions will be very optimistic in the long term – something that could even surprise the most optimistic holders.
The Largest Whale Buy Since 2024 – Could This Be a Smart Investment Signal?
Analyst Ali Martinez has been tracking a significant increase in whale accumulation activity in recent days, with large investors accumulating 1 billion DOGE in the 24 hours leading up to August 6 (Wednesday).
In fact, Martinez posted another article this morning, showing that whales continue to buy 230 million DOGE in the past 24 hours.
This is indeed a positive signal for DOGE, as even with some large purchases at the beginning of the week, whale investors remain interested in this meme token.
This coin has benefited from today's market-wide price surge, and it seems this momentum stems from yesterday's news that Ripple acquired the Rail stablecoin platform for $200 million.
Although this news clearly only directly relates to Ripple and XRP, it has been a major catalyst for today’s price surge, with prices rising sharply following XRP's strong growth.
Therefore, demand is higher on all fronts, including demand for Dogecoin, which is experiencing strong growth momentum.
As the chart shows, its indicators are rapidly rising from oversold levels, with the relative strength index (yellow) hitting 70 today.
The MACD (orange, green) has also recently turned positive, as this indicator has more room to grow before entering an overbought position.
This is very encouraging for Dogecoin, which has also seen trading volume double in the past few days, from $1 billion to over $2 billion.
Some analysts predict a strong price increase in the medium to long term, as Ali Martinez suggested yesterday that the stock is trading in a "historically strong buy zone."
As a result, Dogecoin could reach $0.30 by the end of the month and rise further to $1 by the end of the year.