A popular on-chain strategist claims that leading meme token Dogecoin (DOGE) is seeing a surge in network activity.
Analyst Ali Martinez tells his 73,400 followers on social media platform X that institutional investors could be behind the sudden increase in large Dogecoin transactions.
“The number of large Dogecoin transactions on the network continue to increase, suggesting that institutional players and DOGE whales are positioning themselves for a potential upward movement.
Last week, Martinez noted that crypto whales accumulated over $100 million worth of DOGE in a single day.
“Dogecoin whales purchased over 1 billion DOGE in (24 hours), totaling approximately $108.7 million!
With Dogecoin showing signs of life, Martinez now claims that DOGE could be poised to repeat the massive rallies it witnessed during the 2017 and 2020 cycles.
“History often repeats itself, and Dogecoin might just do that.
A familiar pattern: exit from a multi-year descending triangle, 200% rise, 60% retracement – then a bull run.
After a recent 65% decline, DOGE could be gearing up for the next big rally! »
Looking at the trader’s chart, he seems to predict that Dogecoin will climb well above its current all-time high of $0.7316 on its way to the $2 mark.
At the time of writing, DOGE is trading at $0.113, an increase of over 2% in the last 24 hours.
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