According to on-chain data, Dogecoin (DOGE) is gaining attention as whales buy and user interest increase. Analysts believe that the price has the potential to increase by 200% with DOGE breaking out of its long-term downtrend. Whales, who recently bought 2.07 billion DOGE units, and the increasing number of active addresses suggest that the price could enter an uptrend in the future.

DOGE Challenges Important Resistance Level

Popular cryptocurrency analyst Ali Martinez claims that Dogecoin is about to break out of a long-standing descending triangle formation. According to Martinez, past breakouts from this pattern have typically resulted in a 200% price increase. However, it should be noted that such a strong increase has been followed by a correction of up to 60%.

According to the analysis, DOGE price could reach $0.2236 during this rally. This level was last seen in December 2021. Currently trading at $0.1112, Dogecoin is up 2.92% in the last 24 hours. Market dynamics and investor sentiment will determine the price action of memecoin in the coming weeks.

Whale Movements and New Users Send Strong Signals

Another important indicator of Dogecoin’s recent renewed interest is the activity of large investors known as whales. According to data, whales bought 2.07 billion DOGE units in just one week. This is the largest accumulation since January.

In addition, the number of active Dogecoin addresses reached 133,880, reaching an eight-month high. Experts attribute this increase to the entry of new users and the positive atmosphere in the market. On the other hand, the total number of wallets registered in the Dogecoin network exceeded 90 million, indicating that the user base is expanding.

DOGE rose to $0.1350 in September 2024 but has since fallen 15%. The price has rebounded in early October and is showing promising prospects. On-chain data shows that whales holding 1-10 million DOGE have increased their purchases recently. Looking at historical data, this type of accumulation is often a sign of a market bottom and these accumulations are often accompanied by price increases.

Expectations for the Future of DOGE

There is serious optimism among investors about the future of Dogecoin. In particular, the intense interest from whales and the influx of new users suggest that the memecoin has the potential to increase in value. However, DOGE can be volatile depending on market conditions.

The strength of its community and popular supporters make Dogecoin an asset that has the potential to become more than just a “memecoin”. The increased adoption rate and possible innovations in the coming period will determine the path that memecoin will take in the future.

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