Looking at the amount of DOGE held by whales, there has been an increase in the number of addresses holding between 100 million and 1 billion DOGE tokens. Since May 30, these whales have accumulated over 200 million DOGE. Furthermore, they currently hold over $31 billion worth of DOGE, indicating a significant percentage of tokens in circulation. While this in itself does not trigger an upcoming surge, it suggests that a Dogecoin surge is imminent.
The historical price action of DOGE’s rising price suggests that the coin is on its way to new all-time highs. This climb will be slow; however, it is consistent. If the asset is able to break through several barriers in June and continue to surge, then past $1 prices will certainly be in sight. However, this is a steep climb that may not be achieved until 2025 at the earliest.
With new meme coins emerging and the meme coin market facing stiff competition, DOGE may need to overcome some hurdles to increase its price levels. However, the asset has not been the hottest meme coin on the market over the past decade for unknown reasons. It has a passionate community of supporters and has consistently ranked among the top ten crypto assets. Its market cap of $23.23 billion ranks eighth among all digital assets! #DOGE
