The well-known Dogecoin (DOGE), the largest meme coin globally in terms of market value, has recently broken free from a two-week period of stability below an important support level. This surge in value and optimistic outlook occurred just before the upcoming inauguration of former U.S. President Donald Trump, set to take place on January 20, 2024.
Giant Marine Mammal Purchases 400 Million DOGE Tokens
During this sudden surge, Whale Alert, a blockchain-based transaction monitoring service, reported on X that a major cryptocurrency investor moved a massive 400 million DOGE, valued at $144.97 million, from Binance to a mysterious wallet. This large-scale transfer occurred as the popular meme coin burst out of its period of price stability.
In addition to the whale’s recent acquisition, the current price spike implies that investors may be offloading their assets, possibly to lock in profits, according to insights from on-chain analytics provider Coinglass. Exchange data shows a in DOGE withdrawals over the past 24 hours, indicating a notable outflow of funds.
Not since December 11, 2024, have exchanges seen such a substantial influx of funds, suggesting that investors and long-term holders have been stockpiling DOGE during the recent market downturn.
Analysis of Dogecoin (DOGE) Technicals and Future Price Points
Technical experts are optimistic about DOGE’s prospects, citing a recent breakout from a period of consolidation as a catalyst for further growth. Analyzing recent market movements and past patterns, there is a high likelihood that DOGE will extend its rally, potentially surging 22% to hit a price of $0.47 in the near future.
Positively, DOGE’s Relative Strength Index (RSI) below the overbought range, suggesting that the meme coin still has space to sustain its upward trend.
Present Price Trends
At present, DOGE is priced close to $0.382 and has seen a price increase of more than 12% in the last day. Within that timeframe, its trading volume has soared by 95%, suggesting increased involvement from traders and investors in comparison to earlier days.
