Despite Dogecoin (DOGE) prices remaining sluggish recently, hovering around $0.16, on-chain data shows that whales have accumulated over 1 billion DOGE in the past 30 days, sparking enthusiastic discussion about the potential for a price surge.
Surge in whale activity, bullish signal
According to well-known cryptocurrency analyst Ali Martinez, the accumulation behavior of whales indicates that market interest in this meme coin is reviving. He stated on social media: "In the past month, whales have cumulatively bought over 1 billion DOGE!"
Notably, April 15 became a peak for purchases, with over 800 million DOGE being bought in just 48 hours, marking the largest accumulation since January 19 (when 1.83 billion DOGE were purchased in 48 hours). This indicates that institutions or high-net-worth investors may be repositioning themselves in Dogecoin.
On-chain data further supports the bullish view
Martinez points out that the number of active addresses for Dogecoin has exceeded 127,000, with both trading volume and whale activity significantly rising. These indicators have historically often signaled strong price increases.
Additionally, Glassnode data shows that Dogecoin futures open interest surged 63.9% within a week, rising from $989 million to $1.62 billion. Although prices have not yet followed suit, the active derivatives market reflects strong expectations from speculators for a rebound.
Analysts predict: a price breakout is expected
Multiple analysts hold an optimistic view on the future trend of Dogecoin. Master Kenobi points out that Dogecoin follows a 9-year price channel, predicting that by early June 2025, the price may reach $1, or even touch $1.44 or $2.10. He suggests being cautious about taking profits near $1.
Another analyst, Javon Marks, predicts based on historical bull market cycles that the price of Dogecoin will rise at least 215% and may see an explosion around the time of the 2025 U.S. presidential inauguration, potentially increasing 30 to 80 times.
In the short term, Bitcoinsensus analysts believe that Dogecoin is about to break through a trend line and a double bottom formation, potentially rising to $0.42 to $0.43 within the next seven days.
As of the time of writing, the price of Dogecoin is $0.16, having slightly decreased by 1.18% within 24 hours. Despite short-term price pressures, whale accumulation, increased on-chain activity, and a hot derivatives market all indicate that market sentiment is warming. With the approach of key events in 2025, the speculative frenzy for Dogecoin may reignite, and investors need to closely monitor subsequent trends.
