- Dogecoin has gained 60,000 new holders in just 10 days, boosting its total to 6.68 million, with whales accumulating over 200 million DOGE and key market indicators suggesting a bullish outlook.
- Analysts predict a potential price surge to $3 or even $18, fueled by historical patterns, whale activity, and a bull flag formation on the charts.
In just ten days, Dogecoin (DOGE) has witnessed a remarkable surge, with over 60,000 new holders bringing the total to an impressive 6.68 million. This sudden uptick in adoption has ignited discussions about the meme coin’s potential rally, with both analysts and enthusiasts eagerly anticipating significant price movements.
Whale Accumulation Fuels Optimism
While DOGE’s price has seen a recent dip—falling 1.9% in the past 24 hours and 5.58% over the last week—on-chain data suggests a bullish outlook. Large-scale investors, often referred to as “whales,” have been actively accumulating the cryptocurrency, purchasing over 200 million coins and increasing their collective holdings to a staggering 10.59 billion DOGE.
Interestingly, smaller holders (with balances between 1 million and 10 million DOGE) have reduced their holdings slightly, suggesting a shift in market dynamics.
Key Resistance Levels and Bullish Indicators
Currently trading at $0.40, Dogecoin faces a crucial resistance level at $0.42, where $84 million worth of purchases have already occurred. However, a rising Market Value-to-Realized Value (MVRV) ratio of 0.69% supports a bullish narrative.
The MVRV ratio, a key market indicator, measures whether an asset is undervalued or overvalued. A higher MVRV implies growing unrealized profits, which often foreshadows a price rally. Analysts point to the last time DOGE’s MVRV entered negative territory, leading to a skyrocketing price surge from $0.10 to $0.47.
Bull Flag Formation and Long-Term Predictions
On the technical front, DOGE’s daily chart reveals a bull flag—a pattern known for its potential to precede significant rallies. Crypto analyst Ali Martinez highlights Dogecoin’s ongoing repetition of historical market movements seen in 2017 and 2021, trading within a large ascending channel.
Martinez predicts DOGE could surge to $3 in the current cycle, and in an extreme bullish scenario, even touch $18. These predictions hinge on tests of the middle and upper boundaries of the ascending channel.
The Bigger Picture
The addition of 60,000 new holders within ten days, combined with whale accumulation and supportive market indicators, paints a promising picture for Dogecoin’s future. With key resistance levels and bullish patterns forming, the meme coin appears poised for a potential breakout.
As DOGE continues to capture the imagination of both retail investors and institutional players, the question remains: will it rally to $3, or even higher? For now, the market watches closely, awaiting the next chapter in Dogecoin’s unpredictable yet thrilling journey.
