Dogecoin has witnessed an explosive rise in the number of big transactionsahead of ethereum. This provides a bullish outlook for the top meme coin as it suggests that whales are actively accumulating DOGE.
Dogecoin sees 41% surge in large transactions
IntoTheBlock Data shows that Dogecoin has witnessed a 41% increase in large transactions, with $23.35 billion traded in the last 24 hours. this puts <a target="_blank" href="https://www.newsbtc.com/bitcoin-news/galaxy-research-reveals-bitcoin-ether-and-dogecoin-price-projections-in-2025-crypto-forecast/” rel=”nofollow noopener” target=”_blank”>Dogecoin ahead of ethereumwhich recorded a drop in large transactions, with $7.05 billion traded during this period. This development presents a bullish outlook for DOGE.
An increase in large transactions is usually bullish as it suggests that whales are actively accumulating the crypto in question. This accumulation trend could cause the price of Dogecoin to rise, considering the impact these investors have on the market. Cryptographic analyst Ali Martinez He also confirmed that whales are actively accumulating DOGE.
In an x post, Martinez claimed that Whales bought over 300 million DOGE in 24 hours. It is worth mentioning that the analyst had already provided a bullish outlook for Dogecoin, predicting that the top meme coin could rally another 6,770% if it continues to follow the ascending parallel channel pattern.
The analyst's accompanying chart showed that Dogecoin price could rise to around $2.5 if the meme coin reaches the middle of this ascending channel. Meanwhile, DOGE could rise to $29 if it reaches the top of this ascending channel. Cryptographic analyst Tardigrade Trader He also recently highlighted an ascending channel that showed DOGE could witness a price breakout this month.
Analysis from trader Tardigrade showed that Dogecoin could finally reach the long-awaited psychological level of $1 this month, marking a new all-time high (ATH) for the most important meme coin. The analyst's accompanying chart also showed that DOGE could rise as high as $12 in this market cycle.
DOGE breaks out of descending triangle
In a more recent x post, Trader Tardigrade revealed that Dogecoin has exited the descending triangle at the bottom. He claimed that this chart pattern could lead to an explosive rise in DOGE later. The analyst's accompanying chart showed that the top meme coin could enjoy a price rally as high as $0.56 in the near term.
This possible Dogecoin price rebound to $0.56 could pave the way for the meme coin to recover to its current ATH. Cryptographic analyst Master Kenobi predicted that DOGE could reach $1.2 if it surpasses its ATH of $0.74 this January. Interestingly, the analyst also raised the possibility of the meme coin rising to $3.4 and matching ethereum's current market cap.
At the time of writing, Dogecoin price is trading at around $0.33, up more than 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
