On-chain data agency IntoTheBlock has published an important chart, which shows a curve of Dogecoin accumulation by large cryptocurrency holders.

According to this data, big Dogecoin whales have accumulated more than two billion DOGE over the past week. The tweet says that this is the largest accumulation since January this year. The curve shows that the billions of DOGE were acquired between Sept. 30 and Oct. 5.

Large Dogecoin holders accumulated 2.07 Billion $DOGE last week, the highest since January of this year! pic.twitter.com/AOpdGHzGTe

— IntoTheBlock (@intotheblock) October 7, 2024

DOGE may rally 200%, analyst believes

Crypto analyst Ali Martinez believes that the largest meme cryptocurrency Dogecoin shows high odds of breaking out and staging a bull run. Before that, DOGE may rally 200% first and then roll back by 60%.

It all will happen, Martinez stated, if history repeats itself for Dogecoin. Currently, the asset seems to be breaking out of its multi-year descending triangle pattern. This has happened before and might be happening now, the analyst wrote in the tweet.

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He pointed out that DOGE has already faced a 65% pullback recently, and now “$DOGE could be gearing up for the next big rally!”

History often repeats itself, and #Dogecoin might be doing just that.A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run. After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V

— Ali (@ali_charts) October 6, 2024