Dogecoin (DOGE), the largest meme-inspired cryptocurrency, is gaining significant attention as the altcoin season approaches. Experts suggest that this bullish phase might kick off following Donald Trump’s anticipated assumption of office on January 20, 2025. The crypto community is buzzing with optimism about DOGE’s potential growth during this period.
Significant Accumulation: Crypto Whales Buy 1 Billion DOGE
As anticipation builds for the upcoming bull run, notable activities in the DOGE market are emerging. A crypto analyst on X (formerly Twitter) highlighted a major accumulation trend. As of January 7, 2024, crypto whales have reportedly acquired an impressive 1 billion DOGE within a week. This rapid accumulation can intensify buying pressure, potentially propelling DOGE’s price upwards. CoinMarketCap reports that during this accumulation phase, DOGE’s price surged by over 27%.
Current DOGE Price Momentum
Currently, DOGE is trading around $0.39, reflecting a 2.50% price increase in the last 24 hours. The heightened interest from both investors and traders has also resulted in a 12% boost in trading volume. The positive market sentiment extends beyond DOGE, as major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also experiencing rallies, potentially supporting DOGE’s continued upward trajectory.
Analyzing Bullish On-Chain Metrics
The bullish sentiment permeating the crypto market is drawing in intraday traders, as highlighted by on-chain analytics firm Coinglass. These metrics are pivotal in understanding market dynamics and potential trends.
Rising Interest Among Traders
Open interest (OI) for DOGE has surged by 40%, indicating a significant increase in traders’ positions during this bullish phase. While some long-term holders might be offloading their assets, data shows exchanges have received an inflow of over $18 million worth of DOGE. In the crypto world, inflows signify asset transfers from wallets to exchanges, which can create selling pressure. However, the current accumulation trend suggests that this may not result in a price drop.
DOGE Technical Analysis and Future Levels
Technical analysis reveals that DOGE has been consolidating between $0.375 and $0.398 for the past few days. If DOGE breaks out of this range and closes above $0.40, it could potentially climb by 44% to reach $0.57. The prevailing bullish sentiment, coupled with strong interest from whales and traders, may support DOGE in breaching this range and achieving the projected target.
In summary, the upcoming period appears promising for Dogecoin, with substantial whale activity and positive market sentiment likely to drive its performance in the anticipated bull run. Market participants are advised to keep a close watch on these developments.
