On-chain monitoring found that a whale spent about NT$7 billion (US$214.5 million) to buy more than 550 million DOGE tokens in a week, sparking market discussions. With this wave of large-scale purchases, the market is generally bullish, and it is expected that Dogecoin may usher in a rise of up to 30,000% in the bull market. This huge purchase has attracted the attention of investors, suggesting that Dogecoin may have huge upside potential in the future. Currently, Dogecoin is in a strong upward trend, mainly driven by market events. Most notably, Trump appointed Elon Musk to the position of D.O.G.E. (Department of Government Efficiency), a move that turned the market sentiment towards Dogecoin highly optimistic. Musk will work with Vivek Ramaswamy to develop a strategy to reduce the federal government's workforce, and plans to launch a free tax filing app to simplify the filing process for American taxpayers, although these plans are still in the preliminary discussion stage. In addition, Musk and Ramaswamy will also launch a podcast called "dogecast", which further increases the attention of Dogecoin. Driven by the active buying of whales and positive news, Dogecoin recently broke through $0.4 and was quoted at $0.3934 at the time of writing. According to the monthly trend, Dogecoin has risen 173% this month, and despite the volatility, investor interest remains strong. Analyst Ali Martinez predicts that Dogecoin may experience a 40% to 50% correction before a parabolic increase of 9,000% to 30,000%. Historical data shows that Dogecoin soared 9,470% in 2017, experienced two corrections of 40% and 84%; in 2021, it soared 30,700%, and had two key corrections of 46% and 53%, respectively.
Dogecoin's short-term target price may be $0.82? Ali Martinez predicted on November 19 that Dogecoin ($DOGE) is breaking through the bullish flag. This flag indicates that the current upward trend in the market may continue, and once the resistance level is broken, the price will rise further. He expects that after breaking through the flag, Dogecoin's short-term target price may reach $0.82, which means that the current price will at least double. If there is a pullback, the short-term support level may be at $0.37.
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