Dogecoin (DOGE), the popular and largest meme coin in the world, appears more optimistic in this highly anticipated altcoin season. Experts and analysts believe that this price surge will begin after the inauguration of the Donald Trump government, scheduled for January 20, 2025.

Cryptocurrency whales buy 1 billion DOGE

In this highly anticipated bullish phase, long-term holders, whales, and retail investors seem to be accumulating the DOGE meme coin strongly, as a cryptocurrency expert on X (formerly Twitter) revealed. On January 7, 2024, this expert emphasized that whales added a significant 1 billion DOGE over the past seven days.

This significant accumulation within such a short timeframe could create more buying pressure and lead to another price surge, as seen in DOGE's price. According to CoinMarketCap data, during the same accumulation period, the meme coin experienced a price increase of over 27%.

DOGE price momentum

At the time of the press report, DOGE was trading at nearly $0.39 and had increased by over 2.50% in the past 24 hours. However, during the same time, investors and traders have also stepped up their participation, leading to a 12% increase in trading volume.

Alongside DOGE, market sentiment seems optimistic as major assets, including Bitcoin (BTC) and Ethereum (ETH), have surged, which could help this meme coin continue to rise.

Bullish On-Chain indicators

According to a report by blockchain analytics firm Coinglass, the optimistic sentiment across the cryptocurrency market has attracted day traders.

Growing interest from traders

Currently, DOGE's open interest (OI) has increased by 40%, indicating that traders have increased their open positions by 40%, which is considered a positive sign in this bullish phase.

Meanwhile, some long-term holders seem to be liquidating their positions as sentiment shifts. Data from the inflow/outflow of spot transactions shows that exchanges have seen over $18 million in DOGE inflows.

In the cryptocurrency context, inflows refer to moving assets from long-term holders' wallets to exchanges, potentially creating selling pressure and price declines. However, due to significantly higher accumulation levels, it may not lead to price drops.

Technical analysis of DOGE and upcoming levels

According to technical analysis from experts, DOGE has stabilized within a narrow range from $0.375 to $0.398 over the past three days.

Based on recent price movements, if this meme coin breaks this pattern and closes the daily candle above $0.40, it is highly likely that DOGE will soar 44% to reach $0.57 in the future.

Currently, market sentiment is optimistic, with whales and traders showing strong interest and confidence in the meme coin. This could help DOGE break out of the narrow range and achieve the predicted target.

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