Whales have recently been accumulating a significant amount of Dogecoin (DOGE), purchasing nearly 500 million tokens amid the latest market dip, creating a surge of buying pressure.
According to crypto analyst Ali Martinez, “Whales bought 460 million #Dogecoin $DOGE in the recent price dip!” The increased whale activity comes ahead of the Federal Open Market Committee (FOMC) meeting, with many analysts predicting further volatility in the markets.
He also answered the people having doubt about Dogecoin rally by saying, “How do you bet against #Dogecoin $DOGE when, at any moment, it could surge nearly 900% in just 48 hours, like it did back in 2021?”
DOGE’s Price Actions, Is More Price Surge Coming?
Despite the dip, Dogecoin’s price has risen to $0.3336, reflecting a 6.52% increase over the past 24 hours, though the overall trading volume has dropped by 26%.
Dogecoin, initially created as a memecoin, has gained significant traction in the crypto space, and its current price movement suggests it might be headed for more upward momentum.
One of the most optimistic forecasts comes from crypto analyst ‘TradingShot,’ who sees Dogecoin rallying beyond its recent resistance level, projecting a new bullish target above $0.4325.
According to TradingShot, Dogecoin’s price bounced off the higher lows trendline of its Channel Up pattern, which has formed a distinct Double Bottom pattern. This technical setup has traditionally signalled a price surge for Dogecoin.
On top of that, another crypto analyst, Trader Tardigrade, has projected a massive price surge for Dogecoin based on historical trends. According to Tardigrade, Dogecoin could follow a similar pattern to previous bull runs, with its price potentially reaching $8.32 before hitting an ultimate target of $20.68.
These bold predictions are fueling excitement in the crypto community, especially as Dogecoin continues to gain attention from prominent figures and major crypto investors.
Elon Musk and Dogecoin’s Future
Elon Musk, the billionaire entrepreneur and well-known Dogecoin supporter, continues to fuel the enthusiasm around the meme coin.
On January 28, Musk made waves on social media by offering an employment opportunity to Shebatoshi Nakamoto, another prominent figure in the Dogecoin community.
Musk’s reply on X, “Wanna work at DOGE? Would be kinda perfect,” has reignited discussions about the future potential of Dogecoin. Musk’s involvement with Dogecoin has always been a driving force for its price movements, and his recent remarks further solidify his ongoing support for the asset.
Speculation Around Dogecoin ETF Approval
The recent excitement around Dogecoin is not just based on technical patterns and market sentiment—there are also speculations about regulatory developments. Martinez recently sparked further excitement with his bold prediction that the approval of a Dogecoin ETF could send the price soaring to as high as $15.
While such a scenario is speculative, the approval of a Dogecoin ETF would likely increase its legitimacy in the eyes of traditional investors and could drive significant institutional investment into the meme coin.
The accumulation of nearly 500 million Dogecoin tokens by whales amid a market dip signals strong support for the asset, especially as it moves closer to key resistance levels. With predictions ranging from $8.32 to $20.68, the future of Dogecoin looks bright, despite recent challenges in the broader crypto market.