The world’s largest meme coin Dogecoin (DOGE) has been on a robust footing gaining greater than 25% over the previous week. On Sunday, March thirty first, the Dogecoin price gained an extra gained an extra 7.29% shifting all the way in which to $0.2156 with its market cap crossing $30 billion. Since the start of 2024, DOGE has already gained 134% thus far.
Dogecoin Whale Activity Jumps
On-chain knowledge supplier Santiment reported that the sturdy momentum in meme coin Dogecoin (DOGE) comes on the backdrop of sturdy whale exercise.
Currently positioned as the highest meme coin by market capitalization and holding the eighth place general within the cryptocurrency market, DOGE’s current uptick is attributed to substantial dormant whales reactivating and shifting their DOGE holdings again into circulation. Interestingly, this surge lacks the same old worry of lacking out (FOMO) sentiment that sometimes precedes market tops, suggesting there’s extra gasoline left on this rally going forward.
As per the chart shared by Ali Martinez on social media, whale wallets containing 10 million to 100 million DOGE tokens have constantly boosted their holdings since March 15. This ongoing accumulation sample resulted in these whales augmenting their collective holdings by 1.40 billion DOGE, bringing the overall to 16.7 billion DOGE on the time of sharing this metric.
#Dogecoin whales have bought 1.40 billion $DOGE over the previous two weeks, price round $280 million! pic.twitter.com/zswuyRpuLG
— Ali (@ali_charts) March 29, 2024
Dogecoin Price Preparing For A Parabolic Rally
In a current evaluation shared by crypto analyst Ali Martinez, consideration is drawn again to Dogecoin (DOGE), asserting its significance amidst the frenzy surrounding new meme coins within the crypto house. Martinez highlights that, regardless of the attract of different tokens, DOGE retains its prominence as a key altcoin.
From a technical standpoint, Martinez means that Dogecoin’s present trajectory mirrors the sample noticed between 2018 and 2021. According to Martinez’s evaluation, if this resemblance holds true, DOGE may doubtlessly be poised on the preliminary phases of a major parabolic bull run.
On the opposite hand, the Dogecoin derivatives knowledge factors to a rally on the upside going forward. As per data from Coinglass, the Dogecoin open curiosity has surged previous $2.1 billion. In the final 24 hours, greater than $7.15 million have been liquidated in dogecoin with $5.13 million liquidation of brief positions.
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