dailyhodl.com
A popular on-chain strategist says the top meme token Dogecoin ($DOGE) is seeing an abrupt increase in network activity.
Analyst Ali Martinez tells his 73,400 followers on the social media platform X that institutional investors may be behind the sudden rise in large Dogecoin transactions.
“The number of large Dogecoin transactions on the network continues rising, which suggests institutional players and $DOGE whales are positioning themselves for a potential upside move.”
Last week, Martinez noted that crypto whales accumulated over $100 million worth of $DOGE in just one day.
“Dogecoin whales bought over 1 billion $DOGE in [24 hours], totaling roughly $108.7 million!”
With Dogecoin flashing signs of life, Martinez now says $DOGE may be on the cusp of repeating the massive rallies it witnessed during the 2017 and 2020 cycles.
“History often repeats itself, and Dogecoin might be doing just that.
A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement – then a bull run.
After a recent 65% pullback, $DOGE could be gearing up for the next big rally!”
Looking at the trader’s chart, he appears to predict that Dogecoin will soar well above its current all-time high of $0.7316 en route to shattering $2.
At time of writing, $DOGE is trading for $0.113, an over 2% increase in the last 24 hours.
Generated Image: Midjourney