Overview

Dogecoin (DOGE) has witnessed significant activity from its largest holders, commonly referred to as whales, who appear to be seizing the recent price drop as an opportunity to buy.

This accumulation has provided a positive boost to DOGE, with prices showing significant recovery in the last 24 hours.

Whale Dogecoin Accumulates More DOGE

Data from the market intelligence platform IntoTheBlock reveals that DOGE has seen transactions worth US$1 billion in the past few days.

These large transactions, defined as trades involving at least US$100,000 worth of Dogecoin, indicate increased activity among whales.

According to NewsBTC reports, the data indicates that these large holders are either accumulating more DOGE or selling their tokens.

Further analysis from IntoTheBlock indicates that whales are indeed accumulating more Dogecoin following the recent market dip.

Bullish Outlook for DOGE

This accumulation presents a bullish outlook for DOGE and underscores these investors' confidence in this leading meme coin.

Significant accumulation by Dogecoin whales could help trigger a price recovery, especially as the crypto briefly dipped to US$0.11 during the recent market downturn.

In addition to this accumulation wave, Dogecoin is already poised for a rebound. The MVRV ratio, which compares DOGE's market capitalization to its realized capitalization, suggests that the meme crypto is highly undervalued at its current price level.

Crypto analyst, Kriss Pax, recently predicted a major surge for Dogecoin from here, moving significantly upwards.

Analyst Predictions and Market Trends

Pax highlights the RSI indicator of DOGE, noting that it paints a bullish picture for the meme coin.

He suggests that now is the right time to buy Dogecoin, predicting that it won't fall below the current price level.

Pax also mentions the growing dominance of altcoins, which could signal the beginning of an altcoin season where cryptos like Dogecoin are expected to experience a significant rally.

Another renowned crypto analyst, Crypto Kaleo, provides a bullish outlook for Dogecoin, predicting that the meme coin could rise to US$1 and US$2 during this bull run.

Kaleo points out that historically, Dogecoin has traded sideways for most of its existence, but during rallies, it tends to be parabolic. He cites previous rallies where Dogecoin enjoyed price increases of 6,000 and 30,000 percent.

Kaleo mentions that these significant price movements typically occur 8 to 9 months after the previous Bitcoin halving.

Based on historical trends, Dogecoin is unlikely to experience a substantial breakout until between December this year and February next year.

However, Kaleo also predicts that Dogecoin could drop to US$0.08, revisiting the price level before the significant rally enjoyed earlier this year.

He compares the possibility of this movement to a -30 percent decline and retracement that occurred in August 2020, a few months before Dogecoin went mainstream and started experiencing massive gains.