Analyst Javon Marks stated that the Dogecoin (DOGE) price has a great potential to rise in the current bull rally. Marks stated that the high increases in Dogecoin’s previous bull cycles strengthen the possibility of reaching new highs in the current market conditions. He particularly noted that the significant price increases seen in 2017 and 2021 could be repeated under similar market conditions.
Marks emphasized that Dogecoin’s past price movements provide a strong basis for current predictions. Noting that there were 90-fold and 306-fold increases in 2017 and 2021, respectively, Marks said that such dynamics have the potential to push the DOGE price to $20 levels. He also stated that Dogecoin’s strong momentum in the past could increase future investment opportunities.
Marks, who predicted that market momentum and investor interest would trigger this rise, stated that Dogecoin’s large investor base could accelerate price fluctuations. High-volume transactions and large-scale whale investments are among the important factors supporting these predictions.
Recently, whale movements on the Dogecoin network have reached remarkable dimensions. According to IntoTheBlock data, large-scale transactions on the Dogecoin network increased by 41% in the last 24 hours, and the total volume of these transactions reached $ 23 billion. This increase may positively affect Dogecoin's market performance.
Galaxy Research experts stated that high-rate whale transactions and Elon Musk's support for Dogecoin have a positive impact on the market. The whales' continued accumulation may pave the way for market conditions to push the DOGE price upwards. Investors see this period as a great opportunity.
Dogecoin’s increasing trading volume, whale activity, and market support have analysts viewing the $20 target as a realistic scenario. Under these conditions, Dogecoin is believed to have the potential to make a big leap forward in its current bull cycle.