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 social media platform X that institutional investors may be behind the sudden increase in large Dogecoin transactions.
“The number of big ones Dogecoin transactions on the network continue to rise, indicating that institutional players and DOGE whales are positioning themselves for a possible upward movement.”
Last week, Martinez noted that crypto whales amassed more than $100 million worth of DOGE in just one day.
“Dogecoin whales purchased over 1 billion DOGE [24 hours]which amounts to approximately $108.7 million!”
With Dogecoin showing signs of life, Martinez now says that DOGE is poised to repeat the massive rallies it witnessed during the 2017 and 2020 cycles.
“History often repeats itself, and Dogecoin may do just that.
A well-known pattern: a breakout from a multi-year descending triangle, a 200% rise, a 60% retracement – and 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 seems to predict that Dogecoin will rise well above its current all-time high of $0.7316 on its way to $2.
At the time of writing, DOGE is trading at $0.113, up over 2% in the last 24 hours.
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Generated image: Midjourney